Larsen & Toubro Ltd.Record Order Inflows & Strong Momentum

Larsen & Toubro delivered exceptional Q3 FY26 results with record quarterly order inflows of ₹1,356 billion, up 17% year-on-year, marking the highest ever in company history.

The Projects & Manufacturing segment crossed the ₹1 trillion mark for the first time, growing 18% annually. Group revenue rose 10% to ₹714 billion, while recurring PAT surged 31% to ₹44 billion, driven by operational efficiencies and improved treasury management. The order book expanded 30% to ₹7.33 trillion, with private sector share surging from 21% to 36% over nine months, enhancing working capital dynamics. Net working capital to revenue ratio improved dramatically by 450 basis points to 8.2%.

Management upgraded order inflow guidance beyond the initial 10% target and reaffirmed 15% revenue growth for FY26. Despite temporary margin pressure in Hydrocarbon from legacy COVID-era projects, management expects full recovery within two to three quarters. Middle East pipeline remains intact despite oil price volatility, with strategic projects insulated from non-essential spending cuts.