Larsen & Toubro Q3 FY26 – Order-Led Growth with Margin Improvement
Larsen & Toubro delivered a solid performance in the December 2025 quarter, driven by strong execution across core segments and steady order inflows, leading to healthy growth in revenue and operating profit. • Sales: ↑ 10% YoY to ₹71,450 crore (vs ₹64,668 crore in Dec 2024) • EBIDT: ↑ 16% YoY to ₹9,190 crore (vs ₹7,898 crore) • Net Profit: ↑ 18% YoY to ₹3,825 crore (vs ₹3,974 crore*) • EPS: ↓ 4% YoY to ₹23.37 (vs ₹24.43) At a price of ₹3,794, market cap ₹5,21,592 crore, and PE 31.3, L&T continues to command a premium for its unmatched execution capability and diversified engineering portfolio. The faster growth in EBIDT over revenue highlights margin expansion and operating leverage, while the slight dip in EPS reflects quarterly volatility. Overall, the company remains well-positioned to benefit from India’s infrastructure and capex upcycle.

















