LARSEN & TOUBRO LTD.

Larsen & Toubro's Heavy Civil Infrastructure business has secured a significant order from Noida Metro Rail Corporation Ltd for the design and construction of the Noida Metro Aqua Line Extension Project. The scope includes a 15.1 km elevated viaduct and 10 elevated metro stations, connecting Botanical Garden to Noida Sector-142 and Depot Station to Boraki. This project, valued between ₹2,500 to ₹5,000 Crore (Large order classification), is expected to enhance regional connectivity and is slated for completion within 36 months. This order falls under the 'Large' classification as per L&T's internal order value bands.

Larsen & Toubro Ltd has announced a change in the corporate office address of its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited. The new address will be effective from December 01, 2026. The new corporate office is located at 6,23,24,25th Floor, South Tower, Rajapushpa West Avenue, Survey No. 115, Kokapet, Serilingampally Mandal, Ranga Reddy District, Telangana - 500075. The RTA has also provided a new contact telephone number: 081210 13657. This change is for informational and record-keeping purposes.

Larsen & Toubro's (L&T) Residential, Commercial Buildings & Factories (RCF) business vertical has secured multiple significant orders from a prestigious client. These include the construction of two residential developments in Mumbai and Bengaluru, and a commercial development in Hyderabad. The Mumbai project involves nine high-rise residential towers (50 floors each). The Bengaluru project comprises nine residential towers (25 floors each). The Hyderabad project is a premium commercial tower (22 floors). L&T also received add-on orders for ongoing projects. The RCF business has expertise in EPC solutions across various segments.

Larsen & Toubro Ltd has announced an extension for the completion of the sale of its entire stake in L&T Network Services Private Limited to its wholly-owned subsidiary, Vyoma.AI Limited. The original transaction was disclosed on August 11, 2026. The estimated completion date has now been revised and is expected to close by the end of the current financial year, March 31, 2027. All other terms and conditions of the Business Transfer Agreement and Share Purchase Agreement remain unchanged.

Larsen & Toubro Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported consolidated revenues of ₹78,750 crore for the quarter, a 16% year-on-year increase, with international revenues contributing 58%. For the half-year, consolidated revenue stood at ₹146,692 crore, up 11% year-on-year. Consolidated Profit After Tax (PAT) for the quarter was ₹5,202 crore, a 33% year-on-year growth, and for the half-year, it was ₹9,325 crore, a 24% increase. The company also reported record order inflows of ₹147,665 crore for the quarter, a 28% year-on-year growth, with international orders accounting for 63%. The consolidated order book as of September 30, 2026, was ₹853,514 crore, a 15% growth over March 2026.

L&T's consolidated PAT (attributable to owners) rose 32.5% YoY to ₹5,202 Cr for Q2 FY27, comfortably ahead of the ~21% YoY profit growth analysts had penciled in pre-result, while consolidated revenue of ₹78,750 Cr grew 15.8% YoY and 15.9% QoQ — a sequential acceleration, since Q1 FY27 revenue (₹67,942 Cr) was itself nearly flat versus the year-ago quarter. Revenue growth came in roughly in line with the ~16% consensus estimate. Basic EPS rose to ₹37.81 from ₹28.54 a year ago. Measured against management's own medium-term aspiration flagged on the last concall — 8-10% revenue CAGR with single-digit margin improvement — L&T is tracking well ahead on growth but behind on the margin leg: EBITDA margin compressed to 8.7% from 10.0% a year ago and 9.0% last quarter, the opposite of the stated direction. The disconnect between a 33% PAT jump and a near-flat EBITDA print (₹6,845 Cr, +1% YoY) is the quarter's real story: operating profit barely grew while bottom-line surged, driven by a 38% YoY drop in corporate finance costs (₹473 Cr vs ₹763 Cr) and a 33% jump in the Financial Services segment's PBT (₹1,319 Cr vs ₹989 Cr) on loan-book growth and stable asset quality. Segment margins were mixed: Manufacturing & Products expanded to a 15.7% EBITDA margin (from 13.5%) on a better execution mix, while Infrastructure & Utilities (5.7% vs 6.2%) and Energy-Conventional (7.4% vs 8.2%) both compressed on cost pressure and a higher share of early-stage orders — confirming the margin softness sits in the core EPC businesses, not in a one-off. Order momentum was the standout: the Group booked a record ₹1,47,665 Cr of orders, up 28% YoY (63% international), taking the consolidated order book to an all-time-high ₹8.5 lakh crore (+15% over March'26), aided by wins flagged through the quarter — Dhaka Metro Line 1, large orders in New Delhi and Andhra Pradesh, and initial work on the Tashkent airport project. Basis divergence is sharp this quarter: standalone PAT of ₹3,370 Cr compares with a standalone LOSS of ₹3,591 Cr a year ago, but that prior-year loss was driven by a one-off ₹5,413 Cr exceptional item that never appears in the consolidated accounts — so the standalone 'turnaround' overstates the underlying trend versus the steadier 32.5% consolidated PAT growth. Development Projects, now comprising only the held-for-sale Hyderabad Metro (divestment pushed to December 31, 2026) and the nascent Green Energy business following the Nabha Power divestment on June 25, 2026, posted a ₹16 Cr EBIT loss versus an ₹87 Cr profit a year ago — immaterial to the Group P&L but a reminder the segment base is no longer comparable. Chairman & Managing Director S N Subrahmanyan called it "a strong quarter in an ever-changing geopolitical landscape," citing "yet another record quarterly order inflow" and an order book providing "multi-year revenue visibility" — a framing the topline and order-book numbers support, though management's commentary did not directly address the EBITDA margin compression visible in the segment disclosures. Going into Q3, the open questions are whether the 130bps YoY EBITDA margin slippage reverses as the Energy-Conventional and Green segments' early-stage orders mature, and how quickly the record order book converts into billed revenue.

Larsen & Toubro Ltd announced the allotment of 21,098 equity shares to employees who exercised their options under the company's Employee Stock Option Schemes. The Nomination & Remuneration Committee (NRC) of the Board approved this allotment. These new shares will rank pari-passu with the existing equity shares of the company. The NRC meeting was held today and concluded within an hour.

Larsen & Toubro's (L&T) Transportation Infrastructure business has secured significant Design & Build orders for two key systems packages (CP09 - Track Works & Electrical Systems, and CP10 - Signalling, Telecommunications & Platform Screen Doors) of the Dhaka Mass Rapid Transit Development Project (Line 1), also known as Dhaka Metro, in Bangladesh. These orders are for the first underground metro project in Bangladesh. L&T will work with its Japanese partner, Sumitomo Corporation, on the track works and electrical systems. This repeat business from Dhaka Mass Transit Company Limited (DMTCL) highlights L&T's expertise in delivering large-scale urban transit projects globally, building on its previous success with Dhaka Metro Line 6 and ongoing work in Jakarta. The project, funded by JICA, aims to provide a modern, safe, and reliable transit system for Dhaka.

Larsen & Toubro's (L&T) Public Spaces, Airports & Health (PAH) business vertical has secured two significant orders in India. The first, awarded by the Central Public Works Department, involves constructing Government of India's Common Central Secretariat buildings 4 and 5 in New Delhi, a ₹2,500-₹5,000 Crore project (estimated based on 'Large' classification) to be completed in 24 months with a 5-year O&M period. The second order, from the Government of Andhra Pradesh, is for constructing two office towers at Amaravati, a design & build project with a 30-month completion timeline. These orders highlight government confidence in L&T's project execution capabilities.

Larsen & Toubro (L&T) has commenced initial activities for the New Tashkent International Airport project in Uzbekistan. The Public Spaces, Airports & Health (PAH) business vertical received a Limited Notice to Proceed (LNTP) following the award of an engineering, procurement & construction (EPC) contract for the passenger terminal and associated landside infrastructure. Initial activities include engineering, design, planning, and procurement preparation. The full project scope, expected to handle 17 million passengers annually, will commence upon issuance of the Notice to Proceed (NTP). This project is a significant greenfield development aimed at transforming Uzbekistan into a major aviation hub.