Larsen & Toubro Ltd (L&T) on Wednesday (October 29) reported a 15.6% year-on-year increase in consolidated net profit at ₹3,926 crore for the quarter ended September 30, 2025, compared to ₹3,395 crore in the same quarter last year. The figure was slightly below the CNBC-TV18 poll estimate of ₹3,990 crore.Revenue for the quarter stood at ₹67,983 crore, up 10.4% from ₹61,554 crore a year ago, but lower than the poll estimate of ₹69,950 crore. The company’s EBITDA came in at ₹6,806.5 crore, reflecting a 7% year-on-year growth from ₹6,362 crore in the corresponding period. EBITDA margins remained steady at 10%, in line with the CNBC-TV18 poll estimate, but slightly lower than 10.3% a year earlier.
International revenues during the quarter were at ₹38,223 crore, constituting 56% of the total revenue. The company, for the half-year ended September 30, 2025, posted a consolidated Profit After Tax of ₹7,543 crore, registering a year-on-year growth of 22%.
The company secured orders worth ₹210,237 crore, registering a year-on-year growth of 39% for the half-year ended September 30, 2025. During the half-year, big-ticket order wins were in Public Spaces, Commercial Buildings, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, Non-Ferrous Metals, Thermal BTG, and Offshore and Onshore businesses in the Hydrocarbon sector. International orders at ₹124,236 crore during the half-year constituted 59% of the total.Also Read: L&T shares gain nearly 2% after winning order worth over ₹15,000 crore
On a quarterly basis, orders worth ₹115,784 crore were received at the Group level during the quarter ended September 30, 2025. The Company registered a year-on-year growth of 45%, aided by a strong order momentum across a broad spectrum of businesses.
The quarter saw order wins in businesses such as Public Spaces, Data Centres, Commercial Buildings, Metro, Hydel & Tunnel, Transmission & Distribution, Renewables, and both Offshore and Onshore businesses in the Hydrocarbon sector. International orders stood at ₹75,561 crore, accounting for 65% of the total order inflow.
The consolidated order book of the group as on September 30, 2025, was at ₹667,047 crore, a growth of 15% over March 2025. International orders comprise 49% of the order book. The company achieved consolidated revenues of ₹131,662 crore, recording a year-on-year growth of 13% on a half-year basis. International revenues during the half-year at ₹71,217 crore constituted 54% of the total revenue.
Infrastructure Projects Segment
The Infrastructure Projects segment secured an order inflow of ₹52,686 crore during the quarter ended September 30, 2025, registering a growth of 6% over the corresponding quarter of the previous year despite the high base effect.
Also Read: L&T heavy engineering vertical wins ‘significant’ orders in international and domestic markets
International orders constituted 48% of the total order inflow of the segment during the quarter, aided by the receipt of major orders in the Building & Factories, Heavy Civil Infrastructure, Power Transmission & Distribution, and Renewables businesses. The segment order book stood at ₹394,706 crore as on September 30, 2025, with the share of international orders at 43%.
For the quarter ended September 30, 2025, customer revenues were at ₹31,759 crore, registering a YoY decline of 1%, primarily due to slower progress in water-related projects. The extended monsoon conditions also dampened the revenue growth. International revenues constituted 47% of the total customer revenues of the segment during the quarter.
Energy Projects Segment
The Energy Projects segment secured orders valued at ₹38,156 crore during the quarter ended September 30, 2025, registering more than 100% growth on a year-over-year basis. The growth in order inflow was driven by the receipt of ultra-mega orders in both the Onshore and Offshore businesses in the Hydrocarbon sector.International order inflow constituted 98% of the total order inflow during the quarter. The segment order book stood at ₹214,496 crore as on September 30, 2025, with the international order book constituting 71% of the total.
For the quarter ended September 30, 2025, the customer revenues stood at ₹13,082 crore, registering a robust growth of 48% YoY, led by an execution ramp-up in international projects of the Hydrocarbon business. International revenues constituted 78% of the total customer revenues of the segment during the quarter.
Also Read: L&T’s minerals and metals vertical wins orders up to ₹5,000 crore from Hindalco, Tata Steel, others
The segment’s EBITDA margin stood at 7.3% for the quarter ended September 30, 2025, compared to 8.9% in the corresponding quarter of the previous year. The margin decline is due to project variation at the closure stage.
Hi-Tech Manufacturing Segment
The segment secured orders valued at ₹2,582 crore for the quarter ended September 30, 2025, a 34% decline over the corresponding quarter of the previous year, primarily attributable to the deferral of orders. Export orders constituted 18% of the total order inflow of the segment during the quarter. The order book of the segment was at ₹39,064 crore as on September 30, 2025, with the share of export orders at 11%.
For the quarter ended September 30, 2025, customer revenues were at ₹2,754 crore, registering a growth of 33% y-o-y attributable to improved execution in both the Heavy Engineering and Precision Engineering & Systems businesses. International revenues constituted 25% of the total customer revenues for the segment during the quarter.
IT & Technology Services (IT&TS) Segment
The segment recorded customer revenues of ₹13,274 crore for the quarter ended September 30, 2025, registering a y-o-y growth of 13%, largely in line with improved spending in the IT&TS sector. International billing contributed 92% of the total customer revenues.
Also Read: L&T poised for order wins up to $15 billion, Investec says, projects 20% upside
The EBITDA margin for the segment was lower at 20.2% for the quarter ended September 30, 2025, as compared to 21.0% in the corresponding quarter of the previous year. The shift is largely attributable to incremental costs incurred towards the newly incubated businesses and subdued margins in L&T Technology Services.
Financial Services Segment
The segment recorded income from operations at ₹4,166 crore during the quarter ended September 30, 2025, registering y-o-y growth of 9% primarily attributable to higher disbursements in the retail finance segment. The total Loan Book, as of September 2025, at ₹107,096 crore, grew by 10% as compared to ₹97,762 crore in March 2025. The Retail Loan Book now constitutes 98% of the total Loan Book as of September 30, 2025.
Shares of Larsen and Toubro Ltd ended at ₹3,951.70, down by ₹21.15, or 0.53%, on the BSE.
