In short: Larsen & Toubro's Q2 FY27 revenue rose 15.8% to ₹78,750 crore from a year earlier, and net profit rose 32.5% to ₹5,202 crore. EBITDA margin was 8.7%. EBITDA rose only 1% as the margin fell from 10.0% a year earlier; profit grew faster because other income rose 67% to ₹2,306 crore and finance costs fell 38%.
What changed in Larsen & Toubro's Q2 FY27 results
- Revenue from operations was ₹78,750 crore, up 15.8% from a year earlier and up 15.9% from the previous quarter.
- Net profit was ₹5,202 crore, up 32.5% from a year earlier and up 26.2% from the previous quarter.
- EBITDA was ₹6,845 crore, up 0.6% from a year earlier.
- EBITDA margin was 8.7%, down 130 bps from a year earlier.
Larsen & Toubro Q2 FY27 results at a glance
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ | YoY |
|---|---|---|---|---|---|
| Revenue (₹ crore) | 78,750 | 67,942 | 67,984 | +15.9% | +15.8% |
| EBITDA (₹ crore) | 6,845 | – | 6,806 | – | +0.6% |
| Net profit (₹ crore) | 5,202 | 4,123 | 3,926 | +26.2% | +32.5% |
| EBITDA margin | 8.7% | – | 10.0% | – | −130 bps |
Genvest analysis
Revenue from operations rose 15.8% from a year earlier and 15.9% from the June quarter to ₹78,750 crore. The company credits strong progress in Energy (Conventional and Green), Manufacturing & Products and Financial Services. International revenue was ₹45,870 crore, 58% of the total, against 56% a year earlier. Net profit attributable to shareholders rose 32.5% from a year earlier and 26.2% from the June quarter to ₹5,202 crore. There were no exceptional items in the quarter.
EBITDA rose only 1% to ₹6,845 crore, and the EBITDA margin fell to 8.7% from 10.0% a year earlier. The company says margins were lower across the portfolio and its Projects, Products & Manufacturing businesses made up a larger share of revenue. Profit grew faster because other income rose 67% to ₹2,306 crore, finance costs fell 38% to ₹473 crore and depreciation fell 5% to ₹1,037 crore. The company credits the higher other income to larger group surplus funds, better yields and a one-time gain on the sale of the SWC business at L&T Technology Services. It puts the lower finance costs and depreciation mainly down to Hyderabad Metro no longer being consolidated. By our calculation from the filing, of the ₹1,305 crore rise in profit before tax, ₹922 crore came from other income and ₹345 crore from lower finance costs and depreciation, while EBITDA added ₹38 crore.
Order inflow was a quarterly record ₹1,47,665 crore, up 28% from a year earlier. International orders were ₹92,375 crore, 63% of the total. The company credits 'Ultra Mega' and 'Mega' orders in Energy – Conventional, where inflow more than doubled to ₹78,413 crore on Hydrocarbon and CarbonLite Solutions orders. Infrastructure & Utilities orders fell 13% to ₹35,509 crore, which the company puts down to the deferment of some targeted orders, and Energy – Green orders fell 45% to ₹6,558 crore on deferrals in solar. The order book was ₹8,53,514 crore at 30 September, up 28% from a year earlier and 15% from March 2026, and international orders make up 54% of it. The presentation puts the near-term prospects pipeline at about ₹10 lakh crore.
Energy led segment growth, at lower margins. Energy – Conventional revenue rose 29% to ₹17,285 crore and its EBITDA margin fell to 7.4% from 8.2%; the company cites CarbonLite Solutions jobs in early stages of execution and says last year's margin included variation claims. Energy – Green revenue rose 43% to ₹11,493 crore, with the margin at 6.0% against 6.2%. Infrastructure & Utilities, the largest segment, grew 6% to ₹25,133 crore, and its margin fell to 5.7% from 6.2% on cost pressures and sales mix. Manufacturing & Products revenue rose 34% to ₹4,480 crore on Precision Engineering & Systems work, and its margin widened to 15.7% from 13.5%. Technology, Platforms & Services (LTM, LTTS and others) grew 11% to ₹14,826 crore at a 19.5% margin, against 20.0%, on higher manpower costs and adverse forex. Financial Services (L&T Finance) income rose 27% to ₹5,307 crore, and its profit before tax rose to ₹1,319 crore from ₹989 crore.
The Middle East accounted for 51% of the quarter's order inflow, 40% of the order book and 36% of revenue, according to the presentation. In its outlook, the company says the region continues to pose downside risks to global growth and investment. Net working capital fell to 1.7% of revenue, which the company calls a record low, from 10.2% a year earlier. Cash flow from operations, excluding financial services, rose to ₹12,840 crore in the quarter from ₹4,760 crore a year earlier. The sale of L&T Metro Rail (Hyderabad) to Hyderabad Metro Rail Limited, a Government of Telangana enterprise, is now expected to complete by 31 December 2026.
What Larsen & Toubro's results mean for fund investors
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Larsen & Toubro Q2 FY27 results: questions
When did Larsen & Toubro announce Q2 FY27 results?
Larsen & Toubro announced its Q2 FY27 results on 27 October 2026.
What was Larsen & Toubro's Q2 FY27 net profit?
Net profit was ₹5,202 crore, up 32.5% from a year earlier and up 26.2% from the previous quarter.
What was Larsen & Toubro's Q2 FY27 revenue?
Revenue from operations was ₹78,750 crore, up 15.8% from a year earlier and up 15.9% from the previous quarter.
Other Q2 FY27 results
- Adani Green Energy Q2 FY27 results · 21 October 2026 · net profit +15.4% YoY
- Indian Hotels Q2 FY27 results · 21 October 2026 · net profit +22.7% YoY
- Ather Energy Q2 FY27 results · 26 October 2026 · net profit against a ₹154 crore loss a year earlier
- Larsen & Toubro Q2 FY27 results · 27 October 2026 · net profit +32.5% YoY
- Reliance Industries Q2 FY27 results · 30 October 2026
All Q2 FY27 results in one place
Sources
- Larsen & Toubro: Q2 FY27 results, 27 October 2026
- Larsen & Toubro: Q2 FY27 analyst presentation, 27 October 2026
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