Valuation Larsen & Toubro Limited

Equities

LT

INE018A01030

Construction & Engineering

Market Closed - Bombay S.E. Other stock markets 10:12:08 12/01/2026 GMT			5-day change	1st Jan Change
4,018.50 ^INR	-0.20%		-3.14%	-1.58%

01-12	Vantris Energy says unit to dispose 40% equity in L&T-Sapura Shipping	RE
01-08	India plans to scrap curbs on Chinese firms bidding for government contracts	RE

Company Valuation: Larsen & Toubro Limited

Data adjusted to current consolidation scope

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	1,991,613	2,483,319	3,041,966	5,187,683	4,800,863	5,527,022	-	-
Change	-	24.69%	22.5%	70.54%	-7.46%	15.13%	-	-
Enterprise Value (EV) ¹	2,816,753	3,250,943	3,041,966	5,911,510	5,866,803	6,516,926	6,484,572	6,488,735
Change	-	15.41%	-6.43%	94.33%	-0.76%	11.08%	-0.5%	0.06%
P/E ratio	17.2x	28.7x	29.1x	40.2x	31.9x	30.3x	24.9x	21x
PBR	2.63x	3.01x	-	6.01x	4.92x	5.07x	4.43x	3.85x
PEG	-	-1.1x	1.4x	1.5x	1.9x	1.4x	1.1x	1.1x
Capitalization / Revenue	1.46x	1.59x	1.66x	2.35x	1.88x	1.87x	1.62x	1.41x
EV / Revenue	2.07x	2.08x	1.66x	2.67x	2.29x	2.21x	1.9x	1.66x
EV / EBITDA	18x	17.8x	14.7x	25.2x	22.2x	20.9x	17.7x	15.3x
EV / EBIT	22.1x	21.3x	17.6x	29.8x	26.3x	24.1x	20.1x	17.3x
EV / FCF	12.8x	20.3x	16x	42.1x	124x	36.3x	35.9x	29.8x
FCF Yield	7.78%	4.94%	6.24%	2.38%	0.81%	2.76%	2.79%	3.36%
Dividend per Share ²	36	22	24	28	34	42.26	50.55	60.9
Rate of return	2.54%	1.24%	1.11%	0.74%	0.97%	1.05%	1.26%	1.52%
EPS ²	82.41	61.65	74.45	93.88	109.3	132.7	161.5	191
Distribution rate	43.7%	35.7%	32.2%	29.8%	31.1%	31.9%	31.3%	31.9%
Net sales ¹	1,359,790	1,565,212	1,833,407	2,211,129	2,557,344	2,954,608	3,420,743	3,908,529
EBITDA ¹	156,241	182,173	207,533	234,940	264,347	311,501	366,504	423,849
EBIT ¹	127,199	152,694	172,510	198,113	223,136	270,104	322,640	375,635
Net income ¹	115,829	86,693	104,707	130,591	150,371	181,105	222,178	263,494
Net Debt ¹	825,141	767,624	-	723,827	1,065,940	989,904	957,551	961,713
Reference price ²	1,418.35	1,767.45	2,164.75	3,774.10	3,491.00	4,018.50	4,018.50	4,018.50
Nbr of stocks (in thousands)	1,404,176	1,405,029	1,405,227	1,374,548	1,375,212	1,375,394	-	-
Announcement Date	14/05/21	12/05/22	10/05/23	08/05/24	08/05/25	-	-	-

¹INR in Million²INR

Estimates

P/E ratio, Detailed evolution

Sector Comparison:

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
LARSEN & TOUBRO LIMITED	30.35x	2.21x	20.96x	1.05%	61.38B
VINCI	14.22x	1.15x	6.34x	4%	75.54B
QUANTA SERVICES, INC.	62.35x	2.41x	23.84x	0.1%	63.01B
FERROVIAL SE	47.14x	5.02x	33.16x	1.41%	47.51B
COMFORT SYSTEMS USA, INC.	38.5x	3.97x	26.11x	0.19%	35.56B
HOCHTIEF AG	31.73x	0.71x	12.45x	1.83%	31B
CHINA STATE CONSTRUCTION ENGINEERING CORPORATION LIMITED	4.54x	0.27x	5.1x	5.23%	30.68B
EMCOR GROUP, INC.	25.65x	1.65x	15.89x	0.15%	28.93B
ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A.	28.45x	0.5x	8.12x	2.36%	27.24B
WSP GLOBAL INC.	34.95x	2.75x	15.02x	0.58%	25.23B
Average	31.79x	2.06x	16.70x	1.69%	42.61B
Weighted average by Cap.	32.85x	2.15x	17.31x	1.75%