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L&T Q2 cons net profit rises 33% to at ₹5,202 crore

Larsen & Toubro (L&T) has posted a 33 per cent rise in consolidated net profit at ₹5,202 crore for the quarter ended September 30, 2026, beating market expectations, buoyant on accelerated project execution across and record order inflows.

In comparison, the engineering and construction major had posted a net profit of ₹3,912 crore for the same quarter of previous fiscal, the company said in a regulatory update.

During the reporting quarter, the group’s consolidated revenue rose 16 per cent to ₹78,750 crore, driven by accelerated progress in the various business in the Projects, Products and Manufacturing (PPM) portfolio. Its global revenues during the quarter were at ₹45,870 crore, constituted 58 per cent of the total revenue, while its secured orders rose 28 per cent on a year-on-year basis to ₹147,665 crore.

“The company has delivered a strong quarter in an ever-changing geopolitical landscape. This performance reflects continued customer confidence and our ability to secure large and complex orders across sectors and geographies. We achieved yet another record quarterly order inflow. Focused execution across our PPM businesses supported a higher revenue growth. The highest ever order book at ₹8.5-lakh crore provides multi-year revenue visibility,” L&T Chairman and Managing Director S N Subrahmanyan said.

“We will continue to invest in innovation, digital capabilities, and technology-led businesses to drive growth and create long-term value for our stakeholders,” he added.

Infrastructure & Utilities Segment

In Q2, the company’s infrastructure and utilities segment’s order inflow fell 13 per cent, impacted by the deferment of select targeted orders. Global orders constituted 31 per cent of the total order inflow of the segment during the quarter.

As on September 30, 2026, the segment order book stood at ₹361,368 crore, with global orders contributing 34 per cent to the total. The segment recorded customer revenues of ₹ 5,133 crore for the quarter ended September 30, 2026, registering a 6 per cent YoY growth. The growth is largely attributed to improving execution across the domestic private sector and international projects.

Global revenues constituted 30 per cent of the total customer revenues of the segment during the quarter. The EBITDA margin of the segment for the quarter fell to 5.7 per cent compared with 6.2 per cent recorded in the corresponding quarter of the previous year, primarily on account of cost pressures and change in sales mix.

Energy – Conventional Segment

The Energy – Conventional segment secured orders worth ₹78,413 crore during the quarter, a registering 100 per cent growth on YoY basis. The growth is driven by receipt of multiple high-value orders in the hydrocarbon and CarbonLite Solutions businesses.

Global order inflow constituted 73 per cent of the total order inflow during the quarter. The segment order book stood at ₹286,888 crore as on September 30, 2026, with international orders representing 65 per cent of the total.

For the quarter ended September 30, 2026, the segment recorded customer revenues of ₹17,285 crore, a YoY growth of 29 per cent on the back of improved execution in the hydrocarbon and CarbonLite Solutions businesses. Global revenues constituted 76 per cent of the segment’s total customer revenues for the quarter.

The segment recorded an EBITDA margin of 7.4 per cent for the quarter ended September 30, compared to 8.2 per cent in the corresponding quarter of the previous year. The decline in margin is due to a higher proportion of orders in early stages of execution within the CarbonLite Solutions business.

Energy-Green Segment

During the quarter, the Energy–Green segment won orders worth ₹6,558 crore, a 45 per cent decline on a YoY basis. The fall is on account of deferrals in the solar business. Global order inflow constituted 100 per cent of the total order inflow during the quarter. The segment order book stood at ₹143,597 crore as on September 30, with the global order book representing 97 per cent of the total.

The segment recorded customer revenues of ₹11,493 crore for the quarter ended September 30, registering a YoY growth of 43 per cent, largely due to ramp up of execution in solar jobs and commencement of execution in offshore wind projects. Global revenues constituted 94 per cent of the segment’s total customer revenues for the quarter. The segment recorded an EBITDA margin of 6 per cent for the quarter, marginally down when compared to 6.2 per cent in the corresponding quarter of the previous year.

Manufacturing & Products Segment

The segment reported order inflows of ₹5,778 crore during the quarter, registering a 34 per cent growth over the corresponding quarter of the previous year, primarily attributable to receipt of export orders in the Precision Engineering & Systems business.

Export orders accounted for 68 per cent of the total order inflow of the segment during the quarter. As on September 30, the segment order book stood at ₹42,881 crore, with export orders contributing 25 per cent to the total. For the quarter ended September 30, customer revenues were ₹4,480 crore, registering a YoY growth of 34 per cent, driven by improved execution progress in the Precision Engineering & Systems business.

Global revenues constituted 18 per cent of the segment’s total customer revenues during the quarter. The segment recorded an EBITDA margin of 15.7 per cent for the quarter ended September 30, compared to 13.5 per cent reported in the corresponding quarter of the previous year.

Financial Services, realty, development projects

The financial services segment recorded income from operations at ₹5,307 crore during the quarter ended September 30, registering YoY growth of 27 per cent, primarily driven by higher disbursements in the retail business.

The realty segment reported order inflows of ₹1,292 crore during the quarter, registering a decline of 12 per cent over the corresponding quarter of the previous year, majorly due to lower pre-sales as some new launches were delayed. As on September 30, 2026, the segment order book stood at ₹18,400 crore.

The development projects segment – comprising operations of Nabha Power, Hyderabad Metro and green energy – recorded no revenue and EBIT loss of ₹16 crore, as the green energy business is in investment phase, it added.

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