Larsen & Toubro Q2 FY27 Results: Consolidated Net Profit ₹5,915 Crore on Total Income of ₹81,056 Crore
Earnings
Engineering and construction
Blacklitt Research4 min read
Fons Heijnsbroek from Amsterdam, Netherlands, via Wikimedia Commons (CC0). Illustrative image.
Larsen & Toubro (NSE: LT) reported consolidated total income of ₹81,056.20 crore and net profit of ₹5,915.15 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹46,062.02 crore and standalone net profit ₹3,370.12 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹81,056.20 crore, up 16.8% YoY and 15.3% QoQ
Net profit and EPS: ₹5,915.15 crore, up 26.2% YoY; basic EPS ₹37.81
Profit to owners: ₹5,202.10 crore, up 33% YoY as stated in the press release
Order inflow: ₹1,47,665 crore, up 28% YoY for the quarter
Standalone
The company on its own, without its subsidiaries
Total income: ₹46,062.02 crore, up 27.3% YoY and 14.8% QoQ
Net profit and EPS: ₹3,370.12 crore against a loss of ₹3,591.17 crore a year earlier; basic EPS ₹24.50
Profit before tax: ₹3,999.61 crore against a loss of ₹2,981.77 crore a year earlier
Other income: ₹2,478.44 crore, 5.4% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
81,056.20
69,367.81
+16.8%
70,318.47
+15.3%
Revenue from operations
78,749.94
67,983.53
+15.8%
67,941.74
+15.9%
Other income
2,306.26
1,384.28
+66.6%
2,376.73
-3.0%
5,915.15
4,687.09
+26.2%
4,982.85
+18.7%
Profit before tax
7,641.06
6,336.11
+20.6%
6,922.26
+10.4%
Finance costs
472.94
762.81
-38.0%
538.67
-12.2%
Depreciation
1,036.91
1,091.77
-5.0%
1,032.28
+0.4%
Tax expense
1,725.91
1,649.02
+4.7%
1,939.41
-11.0%
Net profit margin
7.30%
6.76%
+0.54 pp
7.09%
+0.21 pp
EPS, basic (₹)
37.81
28.54
+32.5%
29.97
+26.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than income. Consolidated net profit rose 26.2% to ₹5,915.15 crore, against 16.8% growth in total income, and profit before tax rose 20.6% to ₹7,641.06 crore. Tax expense rose 4.7% to ₹1,725.91 crore, so tax took 22.6% of profit before tax, against 26.0% a year earlier.
Other income grew much faster than revenue. It rose 66.6% to ₹2,306.26 crore, while revenue from operations rose 15.8% to ₹78,749.94 crore. Other income is 2.8% of total income and 30.2% of profit before tax this quarter. The company says revenue growth was driven by accelerated progress in its Projects, Products & Manufacturing portfolio.
Finance costs fell 38.0% to ₹472.94 crore, or 0.6% of total income. The statement also has a separate line of ₹1,968.86 crore for finance cost of financial services business and finance lease activity. Financial Services profit before tax was ₹1,319 crore against ₹989 crore a year earlier, and the company says this was supported by loan book growth, stable asset quality, and higher net interest margin and fee income.
Consolidated exceptional items are nil for the quarter. The statement records an exceptional loss of ₹1,722.44 crore for the six months ended 30 Sep 2026. Net profit attributable to owners of ₹5,202.10 crore is 87.9% of net profit of ₹5,915.15 crore, and basic EPS is ₹37.81 against ₹28.54 a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
46,062.02
36,189.27
+27.3%
40,118.48
+14.8%
Revenue from operations
43,583.58
35,115.74
+24.1%
35,115.74
+24.1%
Other income
2,478.44
1,073.53
+130.9%
4,094.41
-39.5%
3,370.12
-3,591.17
n/a
4,455.26
-24.4%
Profit before tax
3,999.61
-2,981.77
n/a
5,180.05
-22.8%
Finance costs
405.30
476.23
-14.9%
352.37
+15.0%
Depreciation
464.88
485.83
-4.3%
485.83
-4.3%
Tax expense
629.49
609.40
+3.3%
724.79
-13.1%
Net profit margin
7.32%
-9.92%
+17.24 pp
11.11%
-3.79 pp
EPS, basic (₹)
24.50
-26.11
n/a
32.39
-24.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone results move from a year-ago loss to a profit. Net profit was ₹3,370.12 crore against a loss of ₹3,591.17 crore, and profit before tax was ₹3,999.61 crore against a loss of ₹2,981.77 crore. The year-ago quarter carried a standalone exceptional loss of ₹5,413.00 crore, so the year-on-year comparison is against a loss-making base.
Against the previous quarter, standalone total income rose 14.8% to ₹46,062.02 crore, while net profit fell 24.4% and profit before tax fell 22.8%. Other income of ₹2,478.44 crore is 5.4% of total income and 62.0% of profit before tax. Standalone revenue from operations rose 24.1% YoY to ₹43,583.58 crore, slower than the 130.9% rise in other income.
The company says the Realty undertaking will transfer to L&T Realty Properties Limited, a wholly owned subsidiary, by slump sale with an appointed date of 1 Apr 2026, subject to NCLT approval. Until those approvals, the undertaking's results remain in the standalone results.
Consolidated order inflow for the quarter was ₹1,47,665 crore, up 28%, and the consolidated order book at 30 Sep 2026 was ₹8,53,514 crore. International revenue was ₹45,870 crore, 58% of consolidated revenue.
Inference
Standalone net worth stood at ₹75,462.76 crore at 30 Sep 2026. A ₹500 crore tokenised non-convertible debenture issue was privately placed on 9 Sep 2026, and the filing reports no deviation in the use of its proceeds. The company allotted 1,65,811 equity shares on exercise of employee stock options during the quarter.
Two transfers are pending. The Hyderabad Metro subsidiary, L&T Metro Rail (Hyderabad) Limited, is held for sale, with divestment completion revised to 31 Dec 2026. The Data Center and Cloud Service Business is to move to Vyoma.AI Limited, a wholly owned subsidiary, under an agreement dated 11 Aug 2026, with completion expected by '03 2026-27', a phrase the text read leaves unclear.
The statutory auditor, MSKA & Associates LLP, issued a limited review report saying nothing came to its attention indicating a material misstatement, and relied on other auditors' reports and management-certified information for some joint operations and subsidiaries. The filing does not give the reason for the year-ago standalone exceptional loss or any dividend declared with these results.
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