Larsen & Toubro: FY2026 results and a run of Middle East energy orders

Larsen & Toubro (L&T) reported group revenue of Rs 2,85,874 crore for the year to 31 March 2026, up 12%, and a record order inflow of Rs 4,35,590 crore, up 22%. International business made up Rs 1,53,738 crore of revenue, 54% of the total. Several large contracts in the Middle East followed in the months after the year closed.

The FY2026 numbers

• Group revenue: Rs 2,85,874 crore, up 12%. Wikipedia’s infobox lists group revenue of about US$30 billion.
• Order inflow: Rs 4,35,590 crore, up 22%, a record.
• Consolidated order book at 31 March 2026: about Rs 7,40,327 crore, up 28%, with international orders at 52%.
• Recurring profit after tax: Rs 17,238 crore, up 18%.
• Fourth quarter: revenue of about Rs 82,762 crore, up 11%, and profit after tax of Rs 5,326 crore, down 3%, because the same quarter a year earlier included an exceptional gain of Rs 475 crore.

For the April to June 2026 quarter, Upstox reported revenue from operations of Rs 67,942 crore, up 6.69%, and consolidated net profit of Rs 4,122.85 crore, up 13.98%.

Middle East contracts in 2026

On 17 August 2026 L&T’s offshore unit announced an ultra-mega order for offshore facilities from an unnamed Middle East client, covering engineering, procurement, construction, installation and commissioning. In L&T’s classification ultra-mega means above Rs 15,000 crore; outlets converted the value to about $1.57 billion and about $1.8 billion. Ebara Elliott Energy said in July that it would supply nine customised centrifugal compressors under an L&T contract for a Middle East gas project. One outlet described an ultra-mega Middle East gas order above Rs 15,000 crore; it is not clear whether that is the same contract.

In August, L&T’s renewables business won an engineering, procurement and construction order for three battery energy storage projects in the Middle East with 6 GWh of capacity, in the Rs 5,000 crore to Rs 10,000 crore range. Early-October reports describe power transmission orders in India, Saudi Arabia and the UAE, with no values disclosed. Earlier, in March 2025, QatarEnergy LNG gave L&T a $4 billion contract, the largest in its history, and L&T was main contractor with Qatar’s Al Balagh group on the Al Rayyan stadium for the 2022 World Cup.

Who runs the group

S. N. Subrahmanyan has been chairman and managing director since 1 October 2023. He joined L&T in 1984 and took over from A. M. Naik as managing director and CEO on 1 July 2017. His FY2024 remuneration was Rs 510 million. He is steering L&T toward AI, semiconductors, data centres and defence electronics and away from non-core businesses. In January 2025 he drew wide criticism for endorsing a 90-hour work week, and he later said the remarks were casual.

A. M. Naik joined as a junior engineer in 1965, became CEO and managing director in 1999 and chairman in 2003, the first employee to hold the post. He retired from L&T on 30 September 2023 as chairman emeritus. In 2016 he pledged to give 75% of his income to charity.

The founders

Henning Holck-Larsen and Soren Kristian Toubro, two Danish engineers who had worked for F. L. Smidth & Co., founded the company in Bombay in 1938. They set up Engineering Construction & Contracts in 1944, signed a marketing agreement with Caterpillar in 1945 and incorporated Larsen & Toubro Private Limited on 7 February 1946. Holck-Larsen took Indian citizenship in 1950. L&T is listed on the BSE and NSE and employed 407,438 people in 2024, according to Wikipedia.

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