Larsen & Toubro Ltd has secured orders worth ₹135,581 crore, reflecting a y-o-y growth of 17% for the quarter ended December 31, 2025. The quarter’s order inflow spanned multiple geographies and set of diverse sectors including, Thermal Power, Hydrocarbons, Renewable Infrastructure, Transmission & Distribution and Roads & Runways. International orders stood at ₹66,848 crore, contributing 49% to the total order inflow.

For the nine months ended December 31, 2025, the company recorded consolidated order inflows of ₹ 345,818 crore, registering a y-o-y growth of 30%. The strong performance was driven by several high-value order wins across Public Spaces, Commercial Buildings, Roads & Runways, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, Ferrous & Non-Ferrous Metals, Thermal BTG, and the Hydrocarbon businesses. International orders stood at ₹ 191,084 crore, contributing 55% of the total order inflow.

The Group’s consolidated order book as on December 31, 2025, stood at ₹733,161 crore, reflecting a 30% growth over December 2024. International orders constituted 49% of the overall order book.

The Company for the quarter ended December 31, 2025, reported consolidated revenues of ₹ 71,450 crore, a y-o-y growth of 10%, driven by steady execution progress across the various businesses within the Projects & Manufacturing (P&M) portfolio. International revenues were ₹ 38,775 crore, constituting 54% of total revenues.

For the nine months ended December 31, 2025, the Company reported consolidated revenues of ₹ 203,112 crore, reflecting a y-o-y growth of 12%. International revenues stood at ₹ 109,991 crore, contributing 54% of the Company’s total revenues.

The company posted a Recurring Profit After Tax (PAT) of ₹ 4,406 crore for the quarter ended December 31, 2025, registering an y-o-y growth of 31%. The total Consolidated PAT for the quarter at ₹ 3,215 crore includes a one-time material provision of ₹ 1,191 crore (net of tax & NCI) towards employee benefits arising from the implementation of the new labour codes which has been classified under Exceptional Items.

Similarly, for the nine months ended December 31, 2025, the Recurring PAT stood at ₹ 11,949 crore, registered a growth of 25% y-o-y basis.

Commenting on the results, S N Subrahmanyan, Chairman and Managing Director, said: “We have witnessed another landmark quarter for the Company as we posted our highest ever quarterly order inflow. For the first time, the quarterly order inflow in our Projects & Manufacturing (P&M) portfolio has exceeded the ₹ 1 lakh crore mark – a clear reflection of our capabilities and the inherent strength of our business model.

Consequently, the order book of the Company has surpassed the ₹ 7 lakh crore mark. This growth is driven by our unwavering commitment to provide sustainable execution, leveraging cutting-edge technology and seamlessly integrating ESG principles into our business framework.

Looking ahead, we remain optimistic that pro-growth momentum will be maintained in the eco-system through sustained capital expenditure. We expect additional policy thrust to strengthen domestic manufacturing and fiscal incentives to support the deepening of India’s digital and AI ecosystem. As we scale up, we remain committed to deliver a technology-led growth and creating long-term value for our stakeholders.”

Infrastructure Projects Segment

The Infrastructure Projects segment recorded an order inflow of ₹ 61,876 crore for the quarter ended December 31, 2025, registering a y-o-y growth of 26%. International orders accounted for 55% of the total order inflow for the quarter aided by receipt of high-value orders in the Power Transmission & Distribution and Renewables businesses.

As on December 31, 2025, the segment order book stood at ₹ 424,937 crore, with international orders contributing 45% to the total.

For the quarter ended December 31, 2025, customer revenues stood at ₹ 33,700 crore, reflecting a y-o-y growth of 5%. This growth was primarily driven by execution progress in

international projects. There is subdued performance witnessed in the domestic water projects. International revenues represented 48% of the total customer revenues of the segment during the quarter.

The EBITDA margin of the segment for the quarter ended December 31, 2025, was at 6.1% compared to 5.5% in the same period of the previous year. The improvement in margins was driven by enhanced operational efficiency and focussed cost management.

Energy Projects Segment

The Energy Projects segment secured order inflows of ₹ 46,049 crore for the quarter ended December 31, 2025, registering a y-o-y growth of 19% with receipt of ultra mega orders in the Hydrocarbon – Offshore Wind and CarbonLite Solutions businesses. International order inflows constituted 43% of the total order inflow during the quarter.

The segment order book stood at ₹ 247,861 crore as on December 31, 2025, with the international order book representing 65% of the total.

For the quarter ended December 31, 2025, customer revenues stood at ₹ 12,726 crore, reflecting a y-o-y growth of 15%. Improved execution in the Hydrocarbon business as well as the CarbonLite Solutions business aided the growth. International revenues constituted 74% of the segment’s total customer revenues for the quarter.

The segment recorded an EBITDA margin of 5.9% for the quarter ended December 31, 2025, compared to 8.3% in the corresponding period of the previous year. The decline in margin reflects cost pressures in select onshore Hydrocarbon projects along with new orders in CarbonLite Solutions business being at an early stage of execution, where margin recognition has not yet commenced.

Hi-Tech Manufacturing Segment

The segment reported order inflows of ₹ 2,168 crore for the quarter ended December 31, 2025, reflecting a 74% decline compared to the corresponding quarter of the previous year attributable to high base effect in the Precision Engineering & Systems (PES) business. Export orders accounted for 35% of the total order inflow during the quarter.

As on December 31, 2025, the segment order book stood at ₹ 37,865 crore, with export orders contributing 12% to the total.

For the quarter ended December 31, 2025, customer revenues were ₹ 3,267 crore, registering a y-o-y growth of 34% driven by accelerated execution in the Precision Engineering & Systems business. International revenues constituted 16% of the segment’s total customer revenues during the quarter.

The segment recorded an EBITDA margin of 18.3% for the quarter ended December 31, 2025, broadly in line with the 18.2% reported in the corresponding quarter of the previous year.

IT & Technology Services (IT&TS) Segment

The segment reported customer revenues of ₹ 13,526 crore for the quarter ended December 31, 2025, registering a y-o-y growth of 12%, largely in line with the customer spends in the IT&TS sector. International billing accounted for 92% of the total customer revenues during the quarter.

The segment delivered an EBITDA margin of 19.7% for the quarter ended December 31, 2025, an improvement over 18.7% in the corresponding quarter of the previous year. The improvement in margin is largely due to operational efficiencies and forex tailwinds.

Financial Services Segment

The segment reported income from operations of ₹ 4,477 crore for the quarter ended December 31, 2025, registering a y-o-y growth of 15%, primarily driven by focused and higher disbursements in the retail business.

The total Loan Book stood at ₹ 114,285 crore as of December 31, 2025, reflecting a 20% growth compared to December 2024 at ₹ 95,120 crore. The Retail Loan Book constitutes 98% of the total loan book as on December 31, 2025.

The segment recorded a Profit Before Tax (PBT) of ₹ 1,021 crore for the quarter ended December 31, 2025, compared to ₹ 824 crore in the corresponding quarter of the previous year. This improvement was primarily driven by higher disbursements.

Development Projects Segment

The segment reported customer revenues of ₹ 1,160 crore for the quarter ended December 31, 2025, registering a y-o-y decline of 19%, largely due to lower Plant Load Factor (PLF) at the Nabha Thermal Power Plant.

The segment recorded an EBIT of ₹ 159 crore for the quarter ended December 31, 2025, which was higher than the ₹ 140 crore reported in the corresponding quarter of the previous year. The growth was primarily on account of increased fare revenues in Hyderabad Metro.

“Others” Segment

“Others” segment comprises (a) Realty (b) Industrial Valves (c) Construction Equipment & Mining Machinery and (d) Rubber Processing Machinery.

 The segment reported customer revenues of ₹ 2,594 crore for the quarter ended December 31, 2025, registering a strong y-o-y growth of 55%. The growth is primarily driven by higher handover of residential units in the Realty business.

Export sales constituted 9% of the total customer revenues of the segment during the quarter, primarily contributed by the Industrial Valves business.

The EBITDA margin for the segment was higher at 32.8% for the quarter ended December 31, 2025, compared with 27.5% in the corresponding quarter of the previous year, primarily aided by the Realty business.

Outlook

The Indian economy continues to exhibit resilience characterized by steady growth and low inflation. Q2 GDP growth came in at 8.2%, driven by strength in the manufacturing and services sectors. With a reduction in the repo rate by the RBI to 5.25% and soft price pressures and easing food costs, FY26 GDP growth is likely to be around 7.4%.

The Union Budget 2026–27 is expected to increase outlays for technology, defence and urban revitalization. Continued policy stability and the expansion of flagship initiatives are expected to serve as key catalysts for economic growth. Furthermore, the private sector’s capital expansion witnessed in 2025 – supported by large-scale greenfield investments and favourable funding conditions – provides a solid foundation for sustained macroeconomic momentum.

The global economy enters 2026 with projected GDP growth of around 3%, indicating a modest expansion for the year. The GCC region, a major geography for the Company’s Projects business, is poised for strong growth, underpinned by major investments in AI infrastructure, Data Centers, and large-scale urban projects in Saudi Arabia and the UAE.

The Company is confident that the various reform measures currently being undertaken will continue to foster a supportive investment climate, further strengthened by the country’s demonstrated resilience. The Company remains well positioned to capitalize on emerging opportunities. Its strategy of expanding its geographical footprint, driving efficient execution across the Projects & Manufacturing portfolio, focus on cost & cash flow management and strengthening its services businesses in a rapidly evolving business environment is expected to enhance returns to all stakeholders.