Financials Larsen & Toubro Limited

Equities

LT

INE018A01030

Construction & Engineering

Market Closed - Bombay S.E. Other stock markets 10:29:29 22/01/2026 GMT			5-day change	1st Jan Change
3,794.30 ^INR	+0.72%		-1.84%	-7.07%

01-16	Larsen & Toubro Bags "Large" Order to Set Up LNG, Propane Storage Tanks	MT
01-16	Larsen & Toubro unit wins large order from Petronet LNG	RE

Projected Income Statement: Larsen & Toubro Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,359,790	1,565,212	1,833,407	2,211,129	2,557,344	2,952,440	3,420,411	3,906,184
Change	-	15.11%	17.13%	20.6%	15.66%	15.45%	15.85%	14.2%
EBITDA ¹	156,241	182,173	207,533	234,940	264,347	310,898	365,787	423,209
Change	-	16.6%	13.92%	13.21%	12.52%	17.61%	17.65%	15.7%
EBIT ¹	127,199	152,694	172,510	198,113	223,136	269,454	321,937	375,163
Change	-	20.04%	12.98%	14.84%	12.63%	20.76%	19.48%	16.53%
Interest Paid ¹	-39,134	-31,257	-32,072	-35,460	-33,344	-32,926	-30,615	-30,322
Earnings before Tax (EBT) ¹	85,420	145,304	171,090	205,171	235,788	278,887	337,788	394,001
Change	-	70.11%	17.75%	19.92%	14.92%	18.28%	21.12%	16.64%
Net income ¹	115,829	86,693	104,707	130,591	150,371	180,813	222,046	263,348
Change	-	-25.15%	20.78%	24.72%	15.15%	20.24%	22.8%	18.6%
Announcement Date	14/05/21	12/05/22	10/05/23	08/05/24	08/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	212,600	310,347	355,964	480,879	293,347	347,729	395,629	528,507	358,532	427,626	463,897	583,352	478,820	510,240	551,278	670,787	551,198	616,000	646,678	743,923	636,789	707,455	741,977	903,934	720,027
Change	-	45.98%	14.7%	35.09%	-39%	18.54%	13.78%	33.59%	-32.16%	19.27%	8.48%	25.75%	-17.92%	6.56%	8.04%	21.68%	-17.83%	11.76%	4.98%	15.04%	-14.4%	11.1%	4.88%	21.83%	-20.35%
EBITDA ¹	16,205	33,348	42,800	63,889	31,715	39,949	45,304	65,205	39,567	48,994	50,730	68,330	48,690	56,320	57,590	72,340	56,150	63,600	62,550	82,025	63,180	71,063	75,326	105,305	174,054
Change	-	105.79%	28.34%	49.28%	-50.36%	25.96%	13.41%	43.93%	-39.32%	23.83%	3.54%	34.69%	-28.74%	15.67%	2.25%	25.61%	-22.38%	13.27%	-1.65%	31.14%	-22.98%	12.48%	6%	39.8%	65.29%
EBIT ¹	9,482	26,216	35,778	55,722	24,541	32,661	37,980	57,512	29,930	40,400	42,479	59,794	40,382	47,221	48,382	62,128	46,174	53,400	52,079	71,501	52,844	61,336	64,178	87,844	161,981
Change	-	176.47%	36.47%	55.74%	-55.96%	33.09%	16.28%	51.43%	-47.96%	34.98%	5.15%	40.76%	-32.47%	16.94%	2.46%	28.41%	-25.68%	15.65%	-2.47%	37.29%	-26.09%	16.07%	4.63%	36.87%	84.4%
Charge d'intérêts ¹	-10,559	-10,425	-	-8,531	-8,275	-7,793	-8,138	-7,051	-7,560	-8,356	-8,024	-8,130	-8,514	-8,640	-9,042	-9,263	-8,614	-8,844	-8,427	-7,459	-7,816	-8,408	-8,314	-8,898	-
Earnings before Tax (EBT) ¹	8,945	-	36,805	57,474	22,746	31,386	35,556	55,616	29,319	39,400	43,364	59,074	43,324	49,911	47,718	64,218	46,766	55,551	53,330	80,140	58,595	63,854	67,999	95,157	-
Change	-	-	-	56.16%	-60.42%	37.98%	13.28%	56.42%	-47.28%	34.38%	10.06%	36.23%	-26.66%	15.2%	-4.39%	34.58%	-27.18%	18.78%	-4%	50.27%	-26.88%	8.97%	6.49%	39.94%	-
Net income ¹	3,031	55,203	24,667	32,928	11,744	18,194	20,547	36,207	17,000	22,300	25,529	39,868	24,930	32,226	29,474	43,961	27,857	34,000	33,588	54,973	36,172	40,830	45,119	61,445	-
Change	-	1,721.03%	-55.32%	33.49%	-64.33%	54.92%	12.93%	76.21%	-53.05%	31.18%	14.48%	56.17%	-37.47%	29.27%	-8.54%	49.15%	-36.63%	22.05%	-1.21%	63.67%	-34.2%	12.88%	10.5%	36.18%	-
Announcement Date	22/07/20	28/10/20	25/01/21	14/05/21	26/07/21	27/10/21	28/01/22	12/05/22	26/07/22	31/10/22	30/01/23	10/05/23	25/07/23	31/10/23	30/01/24	08/05/24	24/07/24	30/10/24	30/01/25	08/05/25	29/07/25	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	641,076	786,158	989,060	1,166,740
Change	-	22.63%	25.81%	17.96%
EBITDA ¹	71,664	88,561	105,010	119,770
Change	-	23.58%	18.57%	14.06%
EBIT	-	70,400	-	-
Change	-	-	-	-
Charge d'intérêts ¹	-16,068	-15,917	-17,154	-17,457
Earnings before Tax (EBT) ¹	54,132	68,800	93,234	102,317
Change	-	27.1%	35.52%	9.74%
Net income ¹	29,939	39,300	57,156	61,810
Change	-	31.27%	45.44%	8.14%
Announcement Date	27/10/21	31/10/22	31/10/23	30/10/24

¹INR in Million

Estimates

Forecast Balance Sheet: Larsen & Toubro Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	825,141	767,624	-	723,827	1,065,940	990,171	956,903	962,033
Change	-	-6.97%	-	-	47.26%	-7.11%	-3.36%	0.54%
Announcement Date	14/05/21	12/05/22	10/05/23	08/05/24	08/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Larsen & Toubro Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	9,223	31,106	37,930	42,105	44,188	50,396	51,735	54,725
Change	-	237.25%	21.94%	11.01%	4.95%	14.05%	2.66%	5.78%
Free Cash Flow (FCF) ¹	219,218	160,530	189,840	140,558	47,419	179,429	180,314	217,466
Change	-	-26.77%	18.26%	-25.96%	-66.26%	278.39%	0.49%	20.6%
Announcement Date	14/05/21	12/05/22	10/05/23	08/05/24	08/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Larsen & Toubro Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	11.49%	11.64%	11.32%	10.63%	10.34%	10.53%	10.69%	10.83%
EBIT Margin (%)	9.35%	9.76%	9.41%	8.96%	8.73%	9.13%	9.41%	9.6%
EBT Margin (%)	6.28%	9.28%	9.33%	9.28%	9.22%	9.45%	9.88%	10.09%
Net margin (%)	8.52%	5.54%	5.71%	5.91%	5.88%	6.12%	6.49%	6.74%
FCF margin (%)	16.12%	10.26%	10.35%	6.36%	1.85%	6.08%	5.27%	5.57%
FCF / Net Income (%)	189.26%	185.17%	181.31%	107.63%	31.53%	99.23%	81.21%	82.58%
Profitability
ROA	3.74%	2.75%	-	3.87%	4.18%	5.33%	5.92%	6.11%
ROE	16.25%	10.95%	12.2%	14.76%	16.34%	17.5%	18.79%	19.22%
Financial Health
Leverage (Debt/EBITDA)	5.28x	4.21x	-	3.08x	4.03x	3.18x	2.62x	2.27x
Debt / Free cash flow	3.76x	4.78x	-	5.15x	22.48x	5.52x	5.31x	4.42x
Capital Intensity
CAPEX / Current Assets (%)	0.68%	1.99%	2.07%	1.9%	1.73%	1.71%	1.51%	1.4%
CAPEX / EBITDA (%)	5.9%	17.08%	18.28%	17.92%	16.72%	16.21%	14.14%	12.93%
CAPEX / FCF (%)	4.21%	19.38%	19.98%	29.96%	93.19%	28.09%	28.69%	25.17%
Items per share
Cash flow per share ¹	162.5	136.4	162.1	132.9	66.57	197.3	209.2	239.3
Change	-	-16.08%	18.84%	-18.02%	-49.9%	196.35%	6.02%	14.42%
Dividend per Share ¹	36	22	24	28	34	41.98	50.17	60.56
Change	-	-38.89%	9.09%	16.67%	21.43%	23.48%	19.49%	20.71%
Book Value Per Share ¹	540.2	586.5	-	628.2	710.1	798.5	914.2	1,051
Change	-	8.58%	-	-	13.04%	12.44%	14.5%	14.95%
EPS ¹	82.41	61.65	74.45	93.88	109.3	132.3	161.1	190.9
Change	-	-25.19%	20.76%	26.1%	16.4%	21.09%	21.76%	18.5%
Nbr of stocks (in thousands)	1,404,176	1,405,029	1,405,227	1,374,548	1,375,212	1,375,394	1,375,394	1,375,394
Announcement Date	14/05/21	12/05/22	10/05/23	08/05/24	08/05/25	-	-	-