Business description: Larsen & Toubro Limited

Larsen & Toubro Limited is a diversified group. Net sales (not including sold divisions) break down by activity as follows:

- engineering and construction services (68.5%): implementation of turnkey projects of transportation, building, factories, engineering instruments, etc.;

- construction, installation and implementation of hydrocarbon exploration and production projects (17.2%);

- development of thermal power plants and manufacturing of energy production equipment (4.4%);

- manufacturing of aerospace and defense equipment and systems (3.2%);

- manufacturing of custom designed equipment and systems for core industries (2.7%): equipment and systems for the fertilizer, refining, petrochemical, chemical, oil and gas, thermal and nuclear energy industries;

- other (4%): manufacturing of industrial machines and products (industrial valves, welding machines, building equipment, etc.), production of concrete, real estate development, etc.

Net sales are distributed geographically as follows: India (80.1%), Saudi Arabia (3.6%), United Arab Emirates (2.2%), Qatar (2.1%), Kuwait (1.6%) and other (10.4%).

Number of employees: 55,662

Sales by Activity: Larsen & Toubro Limited

Fiscal Period: March 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR) 2026 (INR)

Infrastructure Projects

736B 879B 1,141B 1,315B 1,354B

Energy Projects

- 250B 296B 407B 549B

Development Projects

43.99B 50.58B 56.52B 53.93B 51.44B

IT & Technology Services

326B 412B 453B 489B 546B

Financial Services

123B 129B 136B 157B 178B

Hi-Tech Manufacturing

- 71.61B 87.66B 102B 145B

Heavy Engineering

30.39B - - - -

Others

63.49B 71.55B 86.39B 79.91B 82B

Unallocable

10.55B 16.08B 17.19B 13.75B 19.54B

Inter-Segment

-26.27B -28.68B -37.74B -35.1B -34.86B

Defence Engineering

32.26B - - - -

Hydrocarbon

193B - - - -

Power

44.48B - - - -

Geographical breakdown of sales: Larsen & Toubro Limited

Fiscal Period: March 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR) 2026 (INR)

India

1,007B 1,146B 1,260B 1,282B 1,321B

Kingdom of Saudi Arabia

78.49B 154B 402B 610B 727B

United States of America

219B 285B 309B 334B 373B

United Arab Emirates

28.14B 24.22B 31.61B 94.7B 113B

Other Countries

104B 116B 121B 123B 101B

Qatar

21.4B 23.22B 24.73B 41.6B 79.89B

Sultanate of Oman

29.98B 23.6B 13.43B 23.74B 31.95B

United Kingdom

15.65B 18.64B 21.72B 20.81B 24.8B

Uzbekistan

- - - - 22.35B

Kuwait

16.67B 7.36B 6.61B 13.93B 19.86B

Germany

- - - - 15.32B

Australia

- - - - 15.18B

Netherland

- - - - 10.22B

Bangladesh

24.74B 16.62B 14.96B 11.89B 4.39B

Algeria

19.84B 19.2B 6.64B 1.15B -

Executive Committee: Larsen & Toubro Limited

Manager TitleAgeSince
Chief Executive Officer 66 30/06/2017
President 68 -
Director of Finance/CFO 67 15/09/2011
Compliance Officer - 09/05/2025
Chief Tech/Sci/R&D Officer - 27/10/2024

Composition of the Board of Directors: Larsen & Toubro Limited

Director TitleAgeSince
Chairman 83 22/11/1989
Director/Board Member 67 30/09/2011
Chairman 66 30/09/2023
Director/Board Member 68 18/08/2015
Director/Board Member 74 24/05/2016
Director/Board Member 76 26/05/2016
Director/Board Member 65 10/07/2020
Director/Board Member 63 10/07/2020
Director/Board Member 67 28/02/2021
Director/Board Member - 31/03/2022

Shareholders: Larsen & Toubro Limited

NameEquities%Valuation
L&T Employee Welfare Foundation
14.44 %
198,679,507 14.44 % 8 400 M ₹
SBI Funds Management Ltd. (Investment Management)
4.621 %
63,565,958 4.621 % 2 687 M ₹
HDFC Asset Management Co. Ltd. (Invt Mgmt)
2.062 %
28,364,819 2.062 % 1 199 M ₹
SBI Life Insurance Co. Ltd. (Investment Portfolio)
2.036 %
28,010,155 2.036 % 1 184 M ₹
Nippon Life India Asset Management Ltd. (Invt Mgmt)
1.627 %
22,379,049 1.627 % 946 M ₹
NameEquities%Valuation
Russell Investments Canada Ltd.
0.000389 %
5,357 0.000389 % 226 553 ₹
NameEquities%Valuation
HANSAINVEST Hanseatische Investment-GmbH
0.002433 %
33,470 0.002433 % 1 M ₹
Security Kapitalanlage AG
0.002126 %
29,240 0.002126 % 1 M ₹
Migdal Mutual Funds Ltd.
0.001532 %
21,077 0.001532 % 885 234 ₹
Spark Asia Impact Managers Pvt Ltd.
0.000939 %
12,917 0.000939 % 542 514 ₹
EPIC Markets (UK) LLP
0.00081 %
11,136 0.00081 % 467 712 ₹

Holdings: Larsen & Toubro Limited

NameEquities%Valuation
203,169,279 68.52% 9 141 M $
1,652,530,125 65.98% 4 868 M $
77,986,899 73.57% 2 979 M $
85,950,000 6.39% 134 M $
3,793,329 18.85% 115 M $
49,187,394 5.16% 89 M $
23,132,000 9.05% 30 M $

Company details: Larsen & Toubro Limited

Larsen & Toubro Ltd.

L&T House

400001, Mumbai

+91 22 6752 5656

http://larsentoubro.com
address Larsen & Toubro Limited(500510)

Group companies: Larsen & Toubro Limited

NameCategory and Sector
Miscellaneous Commercial Services
Miscellaneous Commercial Services
Packaged Software
Trucks/Construction/Farm Machinery
Trucks/Construction/Farm Machinery

Other Construction & Engineering

Change 5d. change 1-year change 3-years change Capi.($)
+0.29%-1.38%+8.69%+76.57% 56.03B
-6.16%-7.38%+109.96%+321.05% 116B
-0.12%-3.60%-2.39%+13.00% 79.87B
-7.83%-9.37%+291.81%+1,096.18% 70.03B
-0.50%-4.12%+26.07%+95.10% 48.62B
-5.23%-9.95%+197.68%+549.70% 44.99B
-4.31%-5.71%+86.89%+426.87% 40.58B
-1.13%-3.16%+120.97%+321.84% 40.21B
-0.81%-0.41%-14.96%-22.75% 29.93B
-0.71%-1.53%+28.80%+63.38% 22.62B
Average -3.24%-1.41%+85.35%+294.09% 54.84B
Weighted average by Cap. -3.64%-0.83%+95.17%+327.42%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
32
Last Close Price
3,918.95INR
Average target price
4,494.61INR
Spread / Average Target
+14.69%

Quarterly revenue - Rate of surprise

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