Larsen & Toubro Ltd (LT) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: 73/100 (Strong)

Business Quality 62/100

ROE (Return on Equity): 15.9%

ROCE (Return on Capital): 14.6%

Explain Methodology →

Financial Health 77/100

Debt to Equity: 1.15x

Solvency Runway: High (Interest Coverage > 8x)

Explain Methodology →

Growth Trajectory 98/100

Annual Revenue Growth: 19.8% YoY

Net Profit Growth: 24.7% YoY

Explain Methodology →

Profitability & Margins 56/100

Operating Margin (OPM): 12.0%

Net Profit Margin: 6.2%

Explain Methodology →

Cash Flow Quality 80/100

Free Cash Flow (FCF): Cash Accretive

CFO to EBITDA Conversion: > 75% Conversion Rate

Explain Methodology →

Valuation Attractiveness 68/100

Stock P/E Multiple: 28.8x

Price to Book (P/B): 4.7x

Explain Methodology →

Price & Trend Momentum 69/100

14-Day RSI: 54.3 (Neutral/Bullish)

DMA Alignment: Trading Above 50 & 200 DMA

Explain Methodology →

Governance & Risk 85/100

Promoter Pledge: 0.0% (Clean)

Statutory Auditor Opinion: Unqualified / Clean Pass

Explain Methodology →

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+0.65%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 19.1%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 15.9%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹4,064.58

200-Day DMA ● Overlay

₹3,769.74

14-Day RSI ● Overlay

54.3 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹5.08 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

28.8x

Price / EPS

Book Value (₹) Assets

₹794.0

P/B: 4.7x

ROE (%) Quality

15.9%

Net Profit / Equity

ROCE (%) Efficiency

14.6%

EBIT / Capital

Dividend Yield Yield

1.03%

Face Value: ₹10

Debt / Equity Solvency

1.15x

Manageable

EPS (TTM) Per Share

₹128.24

Trailing 12M

OPM (%) Spread

12.0%

EBITDA Margin

Free Cash Flow Cash

₹12,272 Cr

CFO - Capex

About Larsen & Toubro Ltd

Website →

Larsen & Toubro is an Indian multinational conglomerate engaged in EPC projects, hi-tech manufacturing, defense, and heavy civil engineering infrastructure.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 8.6% × Turnover: 0.85x × Leverage: 2.15x = ROE: 15.9%

✓ Company Strengths (Pros)

• Delivers solid shareholder returns with an ROE of 15.9%.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 1.15x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹2.90 Lakh Cr

Latest PAT

₹19,624 Cr

EPS (TTM)

₹128.24

OPM %

12.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹47,882 Cr	₹51,024 Cr	₹55,128 Cr	₹67,079 Cr	₹55,120 Cr	₹61,555 Cr	₹64,668 Cr	₹74,392 Cr	₹63,679 Cr	₹67,984 Cr	₹71,450 Cr	₹82,762 Cr	₹67,942 Cr
Operating Profit (EBITDA)	₹6,316 Cr	₹7,040 Cr	₹7,199 Cr	₹8,653 Cr	₹7,046 Cr	₹7,917 Cr	₹7,898 Cr	₹9,876 Cr	₹8,024 Cr	₹8,513 Cr	₹9,190 Cr	₹10,419 Cr	₹8,149 Cr
OPM %	13.0%	14.0%	13.0%	13.0%	13.0%	13.0%	12.0%	13.0%	13.0%	13.0%	13.0%	13.0%	12.0%
Interest Expense	₹2,299 Cr	₹2,272 Cr	₹2,344 Cr	₹2,345 Cr	₹2,292 Cr	₹2,439 Cr	₹2,486 Cr	₹2,419 Cr	₹2,488 Cr	₹2,470 Cr	₹2,399 Cr	₹2,488 Cr	₹2,571 Cr
Depreciation	₹830.00 Cr	₹910.00 Cr	₹921.00 Cr	₹1,021 Cr	₹998.00 Cr	₹1,024 Cr	₹1,047 Cr	₹1,052 Cr	₹1,033 Cr	₹1,092 Cr	₹1,072 Cr	₹1,168 Cr	₹1,032 Cr
Profit before Tax (PBT)	₹4,332 Cr	₹4,991 Cr	₹4,772 Cr	₹6,422 Cr	₹4,677 Cr	₹5,555 Cr	₹5,333 Cr	₹8,014 Cr	₹5,860 Cr	₹6,336 Cr	₹5,370 Cr	₹8,410 Cr	₹6,922 Cr
Net Profit (PAT)	₹3,096 Cr	₹3,846 Cr	₹3,593 Cr	₹5,013 Cr	₹3,445 Cr	₹4,099 Cr	₹3,974 Cr	₹6,156 Cr	₹4,318 Cr	₹4,678 Cr	₹3,825 Cr	₹6,133 Cr	₹4,988 Cr
EPS in ₹	₹17.74	₹23.45	₹21.44	₹31.98	₹20.26	₹24.69	₹24.43	₹39.97	₹26.30	₹28.54	₹23.37	₹38.71	₹29.97

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹91,929 Cr	₹1.01 Lakh Cr	₹1.09 Lakh Cr	₹1.20 Lakh Cr	₹1.35 Lakh Cr	₹1.45 Lakh Cr	₹1.36 Lakh Cr	₹1.57 Lakh Cr	₹1.83 Lakh Cr	₹2.21 Lakh Cr	₹2.56 Lakh Cr	₹2.86 Lakh Cr	₹2.90 Lakh Cr
Expenses	₹76,245 Cr	₹85,637 Cr	₹92,691 Cr	₹99,572 Cr	₹1.12 Lakh Cr	₹1.21 Lakh Cr	₹1.13 Lakh Cr	₹1.32 Lakh Cr	₹1.56 Lakh Cr	₹1.92 Lakh Cr	₹2.21 Lakh Cr	₹2.50 Lakh Cr	₹2.54 Lakh Cr
Operating Profit	₹15,684 Cr	₹15,486 Cr	₹16,620 Cr	₹20,111 Cr	₹22,866 Cr	₹24,553 Cr	₹23,460 Cr	₹24,314 Cr	₹27,166 Cr	₹28,758 Cr	₹34,551 Cr	₹36,345 Cr	₹36,272 Cr
OPM %	17%	15%	15%	17%	17%	17%	17%	16%	15%	13%	14%	13%	12%
Interest	₹7,266 Cr	₹6,899 Cr	₹6,829 Cr	₹7,714 Cr	₹9,339 Cr	₹11,021 Cr	₹11,750 Cr	₹9,235 Cr	₹9,445 Cr	₹9,512 Cr	₹9,925 Cr	₹10,056 Cr	₹9,928 Cr
Depreciation	₹2,623 Cr	₹1,787 Cr	₹2,370 Cr	₹2,223 Cr	₹1,923 Cr	₹2,462 Cr	₹2,904 Cr	₹2,948 Cr	₹3,502 Cr	₹3,682 Cr	₹4,121 Cr	₹4,365 Cr	₹4,364 Cr
Profit before Tax	₹7,217 Cr	₹8,020 Cr	₹8,887 Cr	₹11,639 Cr	₹14,305 Cr	₹14,086 Cr	₹16,918 Cr	₹14,495 Cr	₹17,109 Cr	₹20,517 Cr	₹23,579 Cr	₹25,976 Cr	₹27,039 Cr
Net Profit	₹4,966 Cr	₹4,592 Cr	₹6,486 Cr	₹8,004 Cr	₹10,217 Cr	₹10,894 Cr	₹12,921 Cr	₹10,419 Cr	₹12,531 Cr	₹15,547 Cr	₹17,673 Cr	₹18,954 Cr	₹19,624 Cr
EPS in Rs	34.17	30.64	43.17	52.59	63.48	68.02	82.47	61.70	74.50	95.00	109.35	116.92	120.59

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹186.00 Cr	₹186.00 Cr	₹187.00 Cr	₹280.00 Cr	₹281.00 Cr	₹281.00 Cr	₹281.00 Cr	₹281.00 Cr	₹281.00 Cr	₹275.00 Cr	₹275.00 Cr	₹275.00 Cr
Reserves & Surplus	₹40,723 Cr	₹43,994 Cr	₹50,030 Cr	₹54,623 Cr	₹62,094 Cr	₹66,442 Cr	₹75,588 Cr	₹82,127 Cr	₹89,045 Cr	₹86,084 Cr	₹97,381 Cr	₹1.09 Lakh Cr
Borrowings (Debt)	₹93,630 Cr	₹88,135 Cr	₹93,954 Cr	₹1.08 Lakh Cr	₹1.26 Lakh Cr	₹1.43 Lakh Cr	₹1.35 Lakh Cr	₹1.26 Lakh Cr	₹1.21 Lakh Cr	₹1.16 Lakh Cr	₹1.32 Lakh Cr	₹1.25 Lakh Cr
Total Liabilities	₹1.93 Lakh Cr	₹1.94 Lakh Cr	₹2.12 Lakh Cr	₹2.43 Lakh Cr	₹2.78 Lakh Cr	₹3.07 Lakh Cr	₹3.10 Lakh Cr	₹3.19 Lakh Cr	₹3.30 Lakh Cr	₹3.40 Lakh Cr	₹3.79 Lakh Cr	₹4.52 Lakh Cr
Fixed Assets	₹34,738 Cr	₹14,176 Cr	₹16,677 Cr	₹18,580 Cr	₹21,194 Cr	₹43,653 Cr	₹44,319 Cr	₹42,945 Cr	₹42,641 Cr	₹42,964 Cr	₹44,055 Cr	₹30,867 Cr
Total Assets	₹1.93 Lakh Cr	₹1.94 Lakh Cr	₹2.12 Lakh Cr	₹2.43 Lakh Cr	₹2.78 Lakh Cr	₹3.07 Lakh Cr	₹3.10 Lakh Cr	₹3.19 Lakh Cr	₹3.30 Lakh Cr	₹3.40 Lakh Cr	₹3.79 Lakh Cr	₹4.52 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	-₹1,365 Cr	-₹3,240 Cr	₹6,655 Cr	-₹10,031 Cr	-₹4,756 Cr	₹6,694 Cr	₹23,074 Cr	₹19,164 Cr	₹22,777 Cr	₹18,266 Cr	₹9,151 Cr	₹16,741 Cr
Cash from Investing (CFI)	-₹4,778 Cr	-₹4,627 Cr	-₹9,796 Cr	₹3,914 Cr	-₹11,023 Cr	-₹8,408 Cr	-₹5,750 Cr	-₹3,585 Cr	-₹8,048 Cr	₹2,179 Cr	-₹15,479 Cr	-₹11,380 Cr
Cash from Financing (CFF)	₹7,903 Cr	₹7,253 Cr	₹2,896 Cr	₹9,370 Cr	₹15,440 Cr	₹6,372 Cr	-₹15,274 Cr	-₹15,181 Cr	-₹11,572 Cr	-₹25,413 Cr	₹6,557 Cr	-₹2,156 Cr
Free Cash Flow (FCF)	-₹7,460 Cr	-₹7,363 Cr	₹3,834 Cr	-₹12,046 Cr	-₹8,255 Cr	₹3,394 Cr	₹22,151 Cr	₹16,124 Cr	₹18,984 Cr	₹14,056 Cr	₹5,611 Cr	₹12,272 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	119	94	96	101	99	102	113	108	89	81	77	77
Inventory Days	76	51	41	45	51	44	51	44	41	32	30	36
Cash Conversion Cycle (Days)	-92	-138	-164	-203	-190	-190	-236	-227	-172	-143	-101	-151
ROCE %	10%	11%	11%	14%	13%	12%	10%	10%	12%	13%	15%	15%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹1,958.57 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹4,212.00

DCF Fair Value

₹1,958.57

Graham Number

₹1,513.61

Margin of Safety

-58.3%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹1,958.57

Premium / Overvalued (Margin: -58.3%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹1,906	₹1,889	₹1,872	₹1,855
10%	₹1,941	₹1,924	₹1,906	₹1,889
12%	₹1,977	₹1,959	₹1,941	₹1,924
14%	₹2,012	₹1,994	₹1,976	₹1,958

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹1,959	Fairly Valued
Benjamin Graham Number	₹1,514	Market Priced
Historical Sector P/E	₹2,821	Premium
EV / EBITDA Multiplier	₹4,423	In-Line
Free Cash Flow Yield Model	₹4,128	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

2.82 (Grey Zone (Moderate Solvency))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 1.15x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 12.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

0.00%

FIIs (Foreign)

19.13%

DIIs (Domestic)

43.01%

Government

0.15%

Public / Retail

37.60%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
+ FIIs (Foreign Portfolio)	25.72%	25.50%	24.36%	22.85%	21.72%	20.83%	19.80%	19.33%	19.48%	20.06%	18.78%	19.13%
+ DIIs (Mutual Funds / Insurance)	37.16%	37.34%	38.08%	38.89%	40.44%	41.71%	42.71%	43.48%	43.34%	42.99%	43.32%	43.01%
+ Public (Retail & HNIs)	36.89%	36.93%	37.33%	38.01%	37.60%	37.21%	37.25%	36.95%	36.92%	36.69%	37.64%	37.60%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Infrastructure & Realty.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

LT Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

LT Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

LT Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹5,391.36

Accelerated market share capture in Infrastructure & Realty, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹4,717.44

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 29x P/E.

🐻 Bear Case (15%) -12.0%

₹3,706.56

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Infrastructure & Realty)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:38 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Larsen & Toubro Ltd (LT)	Target Stock	₹4,212.00	+0.65%	28.8x	15.9%	14.6%	1.15	₹5.08 Lakh Cr
Adani Ports & SEZ Ltd (ADANIPORTS)	Sector Peer	₹1,907.00	-1.84%	29.3x	16.4%	14.1%	0.66	₹4.03 Lakh Cr
DLF Ltd (DLF)	Luxury Residential & Commercial Real Estate	₹742.65	-1.64%	37.9x	9.5%	6.3%	0.01	₹1.63 Lakh Cr
ABB India Ltd (ABB)	Sector Peer	₹6,963.00	+0.69%	94.9x	22.4%	29.9%	0.02	₹1.46 Lakh Cr
Siemens Ltd (SIEMENS)	Sector Peer	₹3,690.00	+0.96%	91.1x	19.2%	21.4%	0.02	₹1.37 Lakh Cr
Polycab India Ltd (POLYCAB)	Sector Peer	₹7,948.00	+1.47%	42.0x	23.0%	33.2%	0.02	₹1.20 Lakh Cr
Oberoi Realty Ltd (OBEROIRLTY)	Premium Residential & Mixed Use	₹1,744.30	-1.73%	29.2x	12.5%	15.0%	0.18	₹63,798 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:38:07 IST	✓ Live Sync
Financial Statements (10Y)	Larsen & Toubro Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Larsen & Toubro Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Larsen & Toubro Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Infrastructure & Realty)

Metric Explainer

Stock DNA Methodology

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