L&T Share Price Rallies Over 3.5% After Q3 FY26 Results

On Wednesday, L&T shares had settled at ₹3,796.90 apiece on the NSE, up 0.24%.

Larsen & Toubro Q3 FY26 Financial Performance

For the quarter ended December 31, 2025, L&T reported a consolidated profit after tax (PAT) of ₹3,215 crore, registering a year-on-year decline of 4.2% compared to ₹3,359 crore in the same quarter last year. The decline in profitability was attributed primarily to higher expenses and a one-time exceptional provision.

The total consolidated PAT includes a one-time material provision of ₹1,191 crore (net of tax & NCI) towards employee benefits arising from the implementation of the new labour codes, which has been classified under Exceptional Items.

Despite the dip in profit, the company delivered strong top-line growth. Revenue from operations rose to ₹71,450 crore, marking a 10.49% increase from ₹64,668 crore reported in Q3 FY25. The growth was driven by steady execution across businesses within the Projects & Manufacturing (P&M) portfolio.

Total expenses during the quarter increased to ₹65,729.76 crore from ₹60,302.62 crore in the year-ago period.

EBITDA Growth and Margin Expansion

L&T posted a robust operating performance during the quarter. EBITDA rose 18.5% year-on-year to ₹7,417 crore, compared to ₹6,255 crore in the corresponding quarter last year. EBITDA margins expanded to 10.38% from 9.67%, reflecting improved operational efficiency.

International revenues for the quarter stood at ₹38,775 crore, accounting for 54% of the company’s total revenues.

Strong Order Inflows; Order Book at Record High

During Q3 FY26, L&T secured orders worth ₹135,581 crore, registering a 17% year-on-year growth. The order inflow was diversified across geographies and sectors, including thermal power, hydrocarbons, renewable infrastructure, transmission & distribution, and roads & runways.

International orders amounted to ₹66,848 crore, contributing 49% of the total quarterly order inflow.

As of December 31, 2025, the group’s consolidated order book stood at ₹7,33,161 crore, reflecting a 30% growth over December 2024. International orders accounted for 49% of the total order book.

Larsen & Toubro Nine-Month FY26 Performance

For the nine months ended December 31, 2025, L&T reported consolidated order inflows of ₹345,818 crore, registering a strong year-on-year growth of 30%. International orders during this period stood at ₹191,084 crore, contributing 55% of the total order inflow.

Consolidated revenues for the nine-month period rose 12% year-on-year to ₹203,112 crore. International revenues amounted to ₹109,991 crore, accounting for 54% of total revenues.

Recurring PAT for the nine months stood at ₹11,949 crore, reflecting a 25% year-on-year growth.

Outlook

L&T said it remains confident that ongoing reform measures will continue to foster a supportive investment climate, further strengthened by India’s demonstrated economic resilience. The company believes it is well positioned to capitalise on emerging opportunities through geographical expansion, efficient project execution, disciplined cost and cash flow management, and the strengthening of its services businesses in a rapidly evolving business environment.