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Key data
Market Cap
₹5.45 L Cr
P/E
32.75x
ROE
8.44%
Debt / Equity
0.17
OPM
8.23%
Net Margin
4.09%
Price
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Company Overview
Larsen & Toubro is India's largest engineering and construction company — the group that builds the country's infrastructure: metros, roads, bridges, ports, power plants, refineries and even defence equipment. It wins large projects, executes them over years, and gets paid as milestones are met. Beyond construction, it owns big, high-margin technology businesses (LTIMindtree and LTTS in IT/engineering services) and a financial-services arm, which lift the group's overall returns.
Key business segments
🏗️
E&C Giant
Builds India
💻
IT Arms
LTIMindtree, LTTS
📋
Order Book
Years of visibility
◆ Key Milestones
1938
Founded by two Danish engineers
1946
Builds India's engineering backbone
2004
Demerges cement (UltraTech)
2011
Grows IT arms (LTI, LTTS)
2022
Merges LTI & Mindtree
2024
Record infrastructure order book
Business Model
📋Win Orders
→🏗️Execute Projects
→💰Bill Milestones
→💻Add Tech Profits
L&T wins big multi-year projects and layers on high-margin IT and services to lift group returns.
Compounding Flywheel
Order-Led Growth
Win Orders
Execute Well
Build Trust
More Orders
Reinvest
L&T wins large infrastructure and energy projects. Reliable, on-time execution proves its capability. That builds deep trust with governments and clients. Trust and scale secure the next round of orders. Profits fund new capabilities and its tech businesses.
Why It Wins · Moat
🏗️
Execution Scale
Unmatched ability to deliver giant, complex projects on time in India.
📋
Order Backlog
A huge order book gives years of revenue visibility.
🏆
Trusted Brand
Decades of reliability make it the default pick for national projects.
💻
Tech Ownership
Controls high-margin, high-ROE IT businesses (LTIMindtree, LTTS).
🛡️
Defence & Niche
Capabilities in defence, hydrocarbons and heavy engineering few can match.
Growth Drivers
🇮🇳India's massive infrastructure and capex spending.
🌍Large Middle East orders (Saudi, UAE) for energy and infrastructure.
💻Growth and profits from the IT/technology subsidiaries.
🛡️Rising defence and green-energy (hydrogen, data centres) orders.
📈A record order book converting into revenue.
Key Risks
▲Construction is low-margin and ties up heavy working capital.
▲Project delays, cost overruns and payment delays hurt cash flow.
▲Dependence on government and Middle East capex cycles.
▲Commodity (steel, cement) cost swings squeeze thin project margins.
▲Execution risk on very large, complex multi-year contracts.