L&T Q2 Results: Profit Jumps 33% to ₹5,202 Crore, Order Book Hits Record

Larsen & Toubro’s net profit rose 33% to ₹5,202 crore in the September quarter, while revenue from operations grew 16% to ₹78,750 crore, the L&T Q2 results announced on October 27 showed.

The company made a profit of ₹3,926 crore in the corresponding quarter of last year, with revenue of ₹67,984 crore. It shared these numbers after market hours on Tuesday in its earnings update.

Record order inflow lifts L&T order book

L&T order inflow for the quarter climbed 28% year-on-year to ₹1,47,665 crore, compared with ₹1,15,784 crore a year earlier. International orders accounted for ₹92,375 crore, or 63% of the total, the company said.

The biggest wins came from the hydrocarbon (offshore and onshore), CarbonLite Solutions, public spaces and airports, and power transmission and distribution businesses. The consolidated order book stood at ₹8,53,514 crore on September 30, 2026, up 15% from the end of March, with overseas projects making up 54%.

Chairman and Managing Director S N Subrahmanyan said the company had achieved “yet another record quarterly order inflow”. He added that the order book, the highest in L&T’s history at about ₹8.5 lakh crore, gives the company multi-year revenue visibility.

Revenue growth and margins

International revenue came in at ₹45,870 crore during the quarter, or about 58% of the total. L&T credited the stronger top line to faster execution across its projects, products and manufacturing businesses.

Operating performance was more muted. EBITDA was almost flat at ₹6,845 crore compared with the year-ago quarter, according to Upstox, which means the operating margin narrowed by more than a percentage point as revenue grew faster than operating profit.

For the first half of FY27, net profit rose 24% to ₹9,325 crore from ₹7,543 crore, while revenue increased 11% to ₹1,46,692 crore. Half-year order inflow grew 22% to ₹2,55,678 crore, helped by hydrocarbon (offshore), offshore wind, minerals and metals, and residential and commercial building orders.

L&T is one of India’s largest engineering, procurement and construction companies, with interests spanning infrastructure, energy, heavy engineering and defence. Its shares closed 0.4% lower at ₹3,665.10 on the NSE on October 27, before the results came out, giving it a market capitalisation of about ₹5.04 lakh crore.

The September quarter marked a clear step-up from the June quarter, when L&T posted a 14% rise in profit after tax to ₹4,123 crore on revenue of ₹67,942 crore. Order inflow in that quarter was about ₹1.08 lakh crore, well below the ₹1,47,665 crore booked in the latest three months.

The order momentum has carried into October. Earlier this month, L&T said its CarbonLite Solutions business had secured a limited notice to proceed for a 1,600 MW thermal power plant order, and that its power transmission and distribution arm had won orders it classified as mega.

Why the L&T Q2 results matter for investors

The L&T order book is closely tracked as a gauge of capital spending, both in India and in overseas markets such as the Middle East, where the company builds large energy projects. A 28% rise in quarterly orders suggests that big-ticket spending by governments and energy companies has held up despite geopolitical uncertainty.

The heavy tilt towards overseas work also exposes the company to execution and currency risks in those regions. The gap between 16% revenue growth and flat EBITDA is likely to be a key point for analysts who track the company’s margins.

The quarter adds to a run of strong order books in the capital goods sector, including state-run BHEL, which reported an order book of ₹2.58 lakh crore in its Q2 results. Larsen & Toubro’s net profit for the quarter is detailed in its consolidated financial results for the quarter.

After the L&T Q2 results, investors will now watch whether L&T can turn its record backlog into faster revenue growth while protecting margins in the second half of the year. Fresh order announcements and progress on large international projects will shape sentiment towards the stock in the coming quarters.