Key Financial Highlights (Q2 FY27 vs Q2 FY26)

  • Order Inflow: ₹1477 billion, increased 28% from ₹1158 billion
  • Revenue: ₹787 billion, increased 16% from ₹680 billion
  • EBITDA Margin: 8.7%, decreased from 10.0%
  • Reported PAT: ₹52 billion, increased 33% from ₹39 billion
  • Cash flow from Operations (excl. Financial Services business): ₹128 billion, increased 170% from ₹48 billion

Key Financial Highlights (H1 FY27 vs H1 FY26)

  • Order Inflow: ₹2557 billion, increased 22% from ₹2102 billion
  • Order Book: ₹8535 billion as of September 2026, increased 28% from ₹6670 billion as of September 2025
  • Revenue: ₹1467 billion, increased 11% from ₹1317 billion
  • EBITDA Margin: 8.8%, decreased from 10.0%
  • Reported PAT: ₹93 billion, increased 24% from ₹75 billion
  • Cash flow from Operations (excl. Financial Services business): ₹180 billion, increased 70% from ₹106 billion

Key Ratios (as of September 2026 vs September 2025)

  • Net Working Capital: 1.7%, improved from 10.2%
  • ROE (TTM): 16.7%, decreased from 17.2% (includes 100 bps impact of Labour Code provision recognized in Q3 FY26)

Segment Performance Analysis - Q2 FY27

EPC Projects Segment
  • Infrastructure & Utilities: Revenue ₹251.33 billion (5.7% EBITDA margin)
  • Energy - Conventional: Revenue ₹172.85 billion (7.4% EBITDA margin)
  • Energy - Green: Revenue ₹114.93 billion (6.0% EBITDA margin)
Manufacturing & Products Segment
  • Revenue ₹44.80 billion (15.7% EBITDA margin)
Technology, Platforms & Services Segment
  • Revenue ₹148.26 billion (19.5% EBITDA margin)
Financial Services Segment
  • Income from Operations: ₹53.1 billion, increased 27% YoY
  • PAT: ₹9.8 billion, increased 33% YoY
  • PAT (Net of NCI) accruing to the group: ₹6.4 billion, increased 32% YoY
  • Book: ₹1366.4 billion, increased 28% from March 2026
  • Debt: ₹1233.1 billion, increased 26% from March 2026
  • Retail Book %: 99%
  • Provision Coverage Ratio: 70%
  • RoA: 2.60% for Q2 FY27
  • CRAR: 18.67%
Realty Segment
  • Revenue declined due to lower handover of residential units and sales mix

Return Ratios - Projects, Products & Manufacturing (PP&M) Portfolio

  • Sep'26 TTM Gross Segment Revenue: ₹2200.32 billion, increased 11% YoY
  • Sep'26 TTM Result (PBIT) Segment: ₹145.57 billion, increased 11% YoY
  • Sep'26 TTM Funds Employed Segment: ₹254.10 billion, decreased 23% YoY
  • Sep'26 TTM Result/Funds Employed: 57.3%

Balance Sheet Position (as of September 2026 vs March 2026)

  • Equity & Reserves: ₹1130 billion, increased ₹37 billion
  • Non-Controlling Interest: ₹202 billion, increased ₹10 billion
  • Borrowings - Financial Services: ₹1233 billion, increased ₹134 billion
  • Other Borrowings: ₹130 billion, increased ₹11 billion
  • Fixed Assets: ₹206 billion, increased ₹8 billion
  • Intangible Assets: ₹146 billion, increased ₹2 billion
  • Loans towards Financing Activities: ₹1322 billion, increased ₹144 billion
  • Current Investments, Cash & Cash Equivalents: ₹974 billion, increased ₹171 billion
  • Net Current Assets: -₹151 billion, decreased ₹92 billion
  • Gross Debt/Equity Ratio: 1.02, increased from 0.95
  • Net Debt/Equity Ratio: 0.33, decreased from 0.35

Cash & Cash Equivalents Breakdown (as of September 2026)

  • Standalone: ₹455 billion
  • LTM & LTTS: ₹187 billion
  • L&T Finance: ₹135 billion
  • Other Subsidiaries: ₹197 billion
  • L&T Group Total: ₹974 billion

Order Inflow Composition - Q2 FY27

  • Infrastructure & Utilities: ₹355.09 billion (31% international)
  • Energy - Conventional: ₹784.13 billion (73% international)
  • Energy - Green: ₹65.58 billion (100% international)
  • Manufacturing & Products: ₹57.78 billion (68% international)
  • Technology, Platforms & Services: ₹148.07 billion (92% international)
  • Financial Services: ₹53.07 billion
  • Realty: ₹12.92 billion
  • Development Projects: ₹0

Order Book as of September 30, 2026

  • Total: ₹8535.14 billion
  • International orders constitute 54% of Order Book
  • Strong addressable prospects pipeline of approximately ₹10 trillion for the near term

Additional Business Context

  • The Modification, Revamp & Upgrade of Process Plants business has been reclassified to Energy - Conventional segment from Manufacturing & Products segment
  • Previous year numbers have been restated accordingly
  • The Precision Engineering & Systems business confirmed it does not manufacture explosives and ammunition related to cluster munitions, anti-personnel landmines, nuclear weapons and components for all such munitions