Larsen & Toubro (L&T) reported a 33% year-on-year rise in consolidated net profit to ₹5,202 crore for the September 2026 quarter, compared with ₹3,926 crore a year earlier. Revenue from operations rose 16% to ₹78,750 crore, and order inflow hit a record ₹1,47,665 crore. The results were announced on Tuesday, October 27, 2026.
The consolidated order book stood at ₹8,53,514 crore on September 30, the highest in the company’s history.
L&T Q2 FY27 Results at a Glance
The table compares the main reported figures with the same quarter last year.
| Metric (₹ crore) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 78,750 | 67,984 | +16% |
| Consolidated net profit | 5,202 | 3,926 | +33% |
| Total income | 81,056 | 69,368 | +17% |
| EBITDA | 6,845 | 6,806 | +1% |
| Order inflow | 1,47,665 | 1,15,784 | +28% |
| Order book | 8,53,514 | 6,67,047 | +28% |
Total operating expenses rose 18% to ₹71,905 crore, which is faster than the 16% growth in revenue, according to BW Businessworld.
Why Profit Rose Much Faster Than EBITDA
Profit growth of 33% stands out next to EBITDA growth of only 1%. The reports reviewed do not explain the gap directly, but the reported figures offer a clue.
Total income minus revenue from operations implies other income of about ₹2,306 crore in Q2 FY27, against about ₹1,384 crore a year earlier. This is Findoc’s calculation from the reported figures and not a number disclosed by the company. It suggests that income from outside core operations may have helped profit growth.
Using the reported EBITDA and revenue, the EBITDA margin works out to about 8.7%, compared with about 10.0% a year earlier. These margin figures are also calculated from reported numbers. The multibagg.ai analysis described the quarter as one in which record orders meet a margin test, which reflects the same pressure.
Record Order Inflow and Order Book
L&T said it won orders worth ₹1,47,665 crore in the quarter, up 28% from ₹1,15,784 crore a year earlier. The company called it its highest-ever quarterly order inflow.
International orders accounted for ₹92,375 crore, or 63% of total inflow. The consolidated order book of ₹8,53,514 crore was up 15% from March 2026 and about 28% from September 2025. International orders made up 54% of the order book.
Chairman and Managing Director S N Subrahmanyan said the highest-ever order book at ₹8.5 lakh crore provides multi-year revenue visibility. Orders were led by hydrocarbon (offshore and onshore), CarbonLite Solutions, public spaces and airports, and power transmission and distribution businesses.
First-Half FY27 Performance
For the six months ended September 30, 2026, L&T reported steady growth.
- Order inflow: ₹2,55,678 crore, up 22% year on year.
- Revenue from operations: ₹1,46,692 crore, up 11% from ₹1,31,662 crore.
- Net profit attributable to owners: ₹9,325 crore, up 24% from ₹7,543 crore.
Revenue growth in the second quarter, at 16%, was faster than the 11% growth for the half year. Subtracting the second quarter from the half-year totals implies June quarter revenue of about ₹67,942 crore, up roughly 6.7% from about ₹63,678 crore a year earlier. This is Findoc’s calculation from the reported figures, and it suggests that execution picked up between the June and September quarters.
An order book is the value of contracts won but not yet executed. It matters for a company like L&T because projects are built over several years, so today’s orders become revenue over the coming quarters.
Infrastructure Segment: Revenue Up, Orders Down
Not every business grew. The Infrastructure and Utilities segment reported customer revenue of ₹25,133 crore, up 6% from a year earlier. Its order inflow fell 13% to ₹35,509 crore because of the deferment of select targeted orders, according to BW Businessworld.
The overall order inflow was lifted by overseas wins, especially in hydrocarbon projects, so the domestic infrastructure order trend is different from the headline number.
What the Results Mean for Shareholders
L&T is often watched as an indicator of capital expenditure in the economy, since its order book reflects projects awarded by governments and companies. A larger order book supports revenue in future quarters, but margins and the pace of execution determine how much of it converts to profit.
The results came after market hours, so the share price reaction will show in the October 28 session. Investors who want to follow the stock can open demat account online and track it through an investing platform that shows exchange filings, price data and results.
Key Points to Watch
Several items will shape how investors read L&T’s performance in the next quarters:
- Whether the EBITDA margin recovers toward the levels of a year ago.
- How much of the profit growth comes from other income and not core operations.
- The conversion of the ₹8.5 lakh crore order book into revenue.
- Domestic infrastructure order inflow after the 13% fall in the segment.
- Management’s commentary on execution and project timelines.
L&T’s results show strong order momentum, with profit growth well ahead of EBITDA growth, and the coming quarters will test whether margins improve.
Related Stock Market Insights
- What is a Demat Account?
- How to Open a Demat Account With Findoc?
- What is HUF Demat Account?
- How to Open HUF Demat Account Online with Findoc?
- Benefits of a Demat Account
Leave a Reply