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: 54,596

Sales by Activity: Larsen & Toubro Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

Infrastructure Projects

620B 736B 879B 1,141B 1,315B

IT & Technology Services

257B 326B 412B 453B 489B

Energy Projects

- - 250B 296B 407B

Development Projects

40.16B 43.99B 50.58B 56.52B 53.93B

Financial Services

137B 123B 129B 136B 157B

Hi-Tech Manufacturing

- - 71.61B 87.66B 102B

Heavy Engineering

30.18B 30.39B - - -

Others

61.57B 63.49B 71.55B 86.39B 79.91B

Unallocable Corporate Assets

9.12B 10.55B 16.08B 17.19B 13.75B

Inter-Segment

-16.78B -26.27B -28.68B -37.74B -35.1B

Defence Engineering

34.1B 32.26B - - -

Hydrocarbon

170B 193B - - -

Power

31.93B 44.48B - - -

Geographical breakdown of sales: Larsen & Toubro Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

India

866B 1,007B 1,146B 1,260B 1,282B

Kingdom of Saudi Arabia

76.42B 78.49B 154B 402B 610B

United States of America

178B 219B 285B 309B 334B

Other Countries

136B 104B 116B 121B 123B

United Arab Emirates

19.82B 28.14B 24.22B 31.61B 94.7B

Qatar

16.7B 21.4B 23.22B 24.73B 41.6B

Sultanate of Oman

23.34B 29.98B 23.6B 13.43B 23.74B

United Kingdom

- 15.65B 18.64B 21.72B 20.81B

Kuwait

29.3B 16.67B 7.36B 6.61B 13.93B

Bangladesh

- 24.74B 16.62B 14.96B 11.89B

Algeria

30.19B 19.84B 19.2B 6.64B 1.15B

Discontinued Operations

-15.21B - - - -

Executive Committee: Larsen & Toubro Limited

Manager TitleAgeSince
Chief Executive Officer 65 30/06/2017
President 68 -
Director of Finance/CFO 67 15/09/2011
Compliance Officer - 09/05/2025
Corporate Officer/Principal - 04/08/2022

Composition of the Board of Directors: Larsen & Toubro Limited

Director TitleAgeSince
Chairman 83 22/11/1989
Director/Board Member 67 30/09/2011
Chairman 65 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
14.17 %
194,887,516 14.17 % 8 334 M ₹
SBI Funds Management Ltd.
4.502 %
61,929,411 4.502 % 2 648 M ₹
SBI Life Insurance Co. Ltd. (Investment Portfolio)
1.955 %
26,895,416 1.955 % 1 150 M ₹
GIC Pte Ltd. (Investment Management)
1.908 %
26,247,206 1.908 % 1 122 M ₹
HDFC Asset Management Co. Ltd. (Invt Mgmt)
1.682 %
23,132,180 1.682 % 989 M ₹
NameEquities%Valuation
Russell Investments Canada Ltd.
0.000389 %
5,357 0.000389 % 229 001 ₹
NameEquities%Valuation
NLB Skladi doo
0.009582 %
131,804 0.009582 % 6 M ₹
HANSAINVEST Hanseatische Investment-GmbH
0.002501 %
34,400 0.002501 % 1 M ₹
Security Kapitalanlage AG
0.002126 %
29,240 0.002126 % 1 M ₹
Migdal Mutual Funds Ltd.
0.001852 %
25,478 0.001852 % 1 M ₹
EPIC Markets (UK) LLP
0.00081 %
11,136 0.00081 % 474 394 ₹

Holdings: Larsen & Toubro Limited

NameEquities%Valuation
203,169,279 68.53% 13 185 M $
1,652,530,125 66.02% 5 140 M $
77,986,899 73.58% 3 154 M $
85,950,000 6.39% 130 M $
49,187,394 5.16% 88 M $
2,979,579 14.81% 69 M $
23,132,000 11.79% 29 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(LT)

Group companies: Larsen & Toubro Limited

NameCategory and Sector
Trucks/Construction/Farm Machinery
Trucks/Construction/Farm Machinery

Other Construction & Engineering

Change 5d. change 1-year change 3-years change Capi.($)
+0.02%+2.72%+26.79%+89.26% 63.32B
+0.45%+7.48%+25.05%+27.09% 87.71B
+2.61%+12.78%+73.04%+246.21% 76.14B
+0.94%+7.67%+47.04%+128.40% 52.63B
+5.44%+19.54%+208.00%+1,015.91% 44.68B
+3.78%+14.10%+81.18%+454.27% 34.88B
+3.65%+7.58%+154.83%+536.21% 32.36B
0.00%-1.17%-7.47%-6.45% 30.37B
+1.74%+6.58%+98.60%+268.62% 29.77B
-4.93%-5.69%+0.07%+47.83% 26.53B
Average +1.37%+6.22%+70.71%+280.74% 47.84B
Weighted average by Cap. +1.47%+6.96%+66.42%+253.33%
Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
32
Last Close Price
4,169.95INR
Average target price
4,598.90INR
Spread / Average Target
+10.29%

Quarterly revenue - Rate of surprise

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