L&T Q4 FY26 Results: Revenue Surges 11% to ₹82,762 Crore — Order Book Hits All-Time High

By Kaushik Brahmakshatriya

Published On 05 May 2026.

L&T Q4 FY26 Results

India’s engineering and construction powerhouse, Larsen & Toubro (L&T), has declared its financial results for the fourth quarter of FY2025–26 (Q4 FY26). The numbers paint a picture that investors and market watchers have been closely anticipating — strong top-line momentum, an unprecedented order book, and some pressure on the bottom line. Here is a complete breakdown of what happened, what it means, and what lies ahead.

L&T Q4 FY26 at a Glance: Key Numbers

Before diving into the details, here is a quick snapshot of the headline figures:

Metric	Q4 FY26	Q4 FY25	Change (YoY)
Consolidated Revenue	₹82,762 crore	₹74,392 crore	+11%
Net Profit (PAT)	₹5,326 crore	₹5,497 crore	-3%
EBITDA	₹8,610 crore	₹8,204 crore	+4.96%
EBITDA Margin	11.0%	10.4%	+60 bps
Order Inflows (Q4)	₹89,772 crore	—	—
Order Book (as on 31 Mar 2026)	₹7,40,327 crore—+28% YoY	—	+28% YoY
Final Dividend	₹38/share	₹34/share	+11.8%

Revenue Growth Stays Strong — But Profit Dips Marginally

L&T’s consolidated revenue for Q4 FY26 came in at ₹82,762 crore, reflecting a healthy 11 per cent growth compared to the same quarter last year. This growth is largely driven by robust execution across its engineering and construction verticals, both domestically and internationally.

The more closely watched number — net profit — did slip marginally. L&T reported a consolidated PAT of ₹5,326 crore, which is about 3 per cent lower than the ₹5,497 crore earned in Q4 FY25. However, this decline needs important context: the year-ago quarter had included a one-time exceptional gain of ₹475 crore. Stripping that out, the underlying operational performance was actually quite comparable — and arguably stronger — this time around.

On the operating side, EBITDA rose nearly 5 per cent to ₹8,610 crore, and the EBITDA margin expanded meaningfully from 10.4 per cent to 11.0 per cent — a 60 basis point improvement that shows L&T is managing its project costs better despite external pressures.

International Business Powers More Than Half of Revenue

One of the standout takeaways from this quarter is the scale of L&T’s international operations. International revenues stood at ₹43,747 crore, contributing 53 per cent of total consolidated revenues — a significant milestone that underlines the company’s growing global footprint.

The Middle East continues to be a major region for L&T’s project pipeline. However, the management has flagged some near-term execution disruptions at certain Middle East locations due to ongoing geopolitical tensions in the region. This is a factor investors will need to monitor in the coming quarters.

Order Book Touches All-Time High of ₹7.40 Lakh Crore

Perhaps the most encouraging headline from this result is the record order book. As of March 31, 2026, L&T’s consolidated order book stood at an all-time high of ₹7,40,327 crore — that is an enormous 28 per cent jump compared to March 2025.

During Q4 alone, the company secured fresh order inflows of ₹89,772 crore. International orders dominated at ₹59,994 crore, accounting for 67 per cent of the quarter’s total order inflows. The Infrastructure Projects segment was particularly active, bringing in ₹43,477 crore worth of new orders — a 26 per cent growth over the corresponding period last year.

Winning across sectors like commercial and residential buildings, roads and runways, urban transport, transmission and distribution, and hydrocarbon onshore projects, L&T’s order pipeline signals strong visibility for revenue growth well into FY27 and beyond.

Full Year FY26 Performance: Solid Across the Board

Looking at the full financial year FY26, L&T delivered an even more encouraging picture. The company’s annual net profit rose nearly 7 per cent to ₹16,083 crore, while revenue from operations grew close to 12 per cent to ₹2,85,874 crore. For the full year, the L&T Group secured orders worth ₹4,35,590 crore — a remarkable 22 per cent year-on-year growth and, notably, the first time annual order inflows have crossed the ₹4 lakh crore milestone.

Dividend Announced — Record Date Set for May 22

Shareholders will be pleased to know that L&T’s board has recommended a final dividend of ₹38 per equity share (face value ₹2 each) for FY26. This compares favourably to the ₹34 per share dividend declared for both FY24 and FY25. The record date for this dividend has been fixed as Friday, May 22, 2026, with payment expected following shareholder approval at the AGM tentatively scheduled around June 10, 2026.

Non-Core Asset Divestments: Strategic Pivot in Motion

Chairman and Managing Director S. N. Subrahmanyan noted that FY26 ended on a strong note. He also confirmed that the company has executed agreements to divest its full stakes in Nabha Power Limited and L&T Metro Rail (Hyderabad) Limited. Both transactions are expected to close by June 30, 2026. These divestments are part of L&T’s stated strategy to exit from its concessions portfolio and redirect capital towards higher-growth and higher-margin opportunities — including green energy, semiconductors, and data centres.

Stock Market Reaction

L&T’s stock had a cautious session on May 5, 2026, settling 1.07 per cent lower at ₹4,056.15 on the BSE ahead of the after-hours results announcement. Given the mixed nature of the report — strong revenue and order book but a slight PAT dip — some short-term volatility is expected. Analysts remain broadly bullish on the stock, with average 12-month price targets pointing toward meaningful upside from current levels.

What Should Investors Watch Next?

Going forward, market participants will keep an eye on:

*Middle East execution: Any further disruption in L&T’s largest international market could weigh on margins.

*Divestment closures: Timely completion of Nabha Power and Hyderabad Metro stake sales will release capital for strategic reinvestment.

*Order conversion pace: With an order book of ₹7.4 lakh crore, the speed of execution will determine FY27 revenue trajectory.

*New-age businesses: L&T’s push into green energy and semiconductor-related manufacturing is a long-term growth lever worth tracking.

Final Verdict: Revenue Strength Outshines PAT Dip

L&T’s Q4 FY26 results tell the story of a company firing on most cylinders. The 3 per cent profit dip is a minor blip attributable largely to a high base effect from last year’s exceptional gain — not a fundamental weakness. The record order book, double-digit revenue growth, and rising dividend payout all point toward a company in solid financial health and well-positioned for the future.

For long-term investors, L&T’s expanding international presence, diversified order book, and strategic divestments make it a compelling story in India’s infrastructure and engineering space.

Disclaimer

This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred