Larsen & Toubro (L&T) announced a robust performance for the second quarter and first half of FY27. The company achieved a record quarterly order inflow of ₹1477 billion, representing a 28% YoY growth. Revenue saw a 16% YoY increase to ₹787 billion, while Profit After Tax (PAT) surged by 33% YoY to ₹52 billion. The order book stood at a strong ₹8535 billion, up 28% YoY.
L&T Reports Strong Q2/H1 FY27 Financials
Larsen & Toubro Limited (L&T) has reported exceptional financial results for the second quarter (Q2) and the first half (H1) of the financial year 2027 (FY27). The company highlighted a record quarterly order inflow of ₹1477 billion, marking a substantial 28% year-on-year (YoY) growth. This performance underscores the company’s strong business momentum amidst prevailing market volatility.
Key Financial Highlights
Record Order Inflow and Robust Order Book
The order inflow for Q2 FY27 reached a new quarterly record of ₹1477 billion, significantly up from ₹1158 billion in Q2 FY26. For H1 FY27, the order inflow aggregated to ₹2557 billion, a 22% YoY increase from ₹2102 billion in H1 FY26. The company’s consolidated order book as of September 30, 2026, stood at a robust ₹8535 billion, demonstrating a healthy 28% YoY growth.
Revenue and Profitability Growth
Revenue for Q2 FY27 grew by 16% YoY to ₹787 billion, compared to ₹680 billion in Q2 FY26. For H1 FY27, revenue was reported at ₹1467 billion, up 11% YoY from ₹1317 billion in H1 FY26. Profit After Tax (PAT) for Q2 FY27 witnessed a significant surge of 33% YoY, reaching ₹52 billion, up from ₹39 billion in Q2 FY26. The PAT for H1 FY27 also saw a healthy 24% YoY increase to ₹93 billion.
Improved Efficiency and Returns
The company’s Net Working Capital (NWC) to Revenue ratio improved by 850 basis points YoY to reach a record low of 1.7%. Return on Equity (ROE) for the trailing twelve months (TTM) stood at 16.7%*, which includes a 100 bps impact of Labour Code provision recognised in Q3 FY26. Cash flow from operations (excluding financial services) also saw a substantial increase, with H1 FY27 at ₹180 billion, a 70% YoY jump.
Segment Performance Overview
L&T’s performance was driven by strong contributions across its various segments. The Infrastructure & Utilities segment reported a 6% YoY increase in quarterly revenue. Energy – Conventional saw a 29% YoY revenue growth, buoyed by new order receipts. Energy – Green experienced a strong 43% YoY revenue growth, with new projects commencing. The Manufacturing & Products segment posted a 34% YoY revenue growth, driven by export orders. The Technology, Platforms & Services segment grew by 11% YoY. Financial Services showed robust growth in retail disbursements and asset quality, with PAT up 33% YoY. The Realty segment experienced a decline in quarterly revenue (-43% YoY) due to launch deferrals, while Development Projects also saw a dip in revenue.
EBITDA Margins
EBITDA margins showed mixed trends across segments. Infrastructure & Utilities saw a decrease of 50 bps YoY. Energy – Conventional experienced a 80 bps decrease in its EBITDA margin. Energy – Green maintained a largely stable margin with a 20 bps decrease. Manufacturing & Products improved its margin, with a 220 bps increase in quarterly EBITDA margin. Technology, Platforms & Services saw a 50 bps decrease in quarterly EBITDA margin.
Source: BSE
