Larsen & Toubro

“During the period, the business secured an initial BESS order and commenced capacity expansion at the Kanchipuram facility to support the assembly and integration of Battery Energy Storage System (BESS) solutions.”

“We recorded our highest ever quarterly order inflow at Rs 1.48 trillion, registering a growth of 28% Y-o-Y, led by receipt of ultra mega and mega orders across offshore, onshore hydrocarbons and CarbonLite businesses within the Energy Conventional segment.”

“The growth was broad-based across both domestic and international markets with order inflows rising 49% and 24%, respectively.”

“International orders accounted for 62% of the portfolio mix compared with 66% in the corresponding quarter of the previous year.”

“The total order book, including the Realty segment stood at Rs 8.54 trillion as on September 26 and was up 28% vis-a-vis September '25.”

“In terms of the geographic mix, 46% of this order book is domestic, while 54% is international, reflecting the increasing share of international orders secured over the past year.”

“Following a robust Q1, order inflows for this segment stood at Rs 355 billion during the quarter, declining by 13% Y-o-Y.”

“Revenues for the quarter grew by 6% year-on-year, driven by a pickup in execution momentum across domestic private sector projects, supported by strong activities in the Residential, Commercial Factories, Transportation Infra and the Metals and Minerals business.”

“The international business witnessed steady execution in select core civil infrastructure projects as the business continued its selective expansion in this space, while the Middle East-focused Power Transmission & Distribution business saw a marginal moderation in the activity level.”

“The segment witnessed robust order inflows of Rs 784 billion during the quarter, more than doubling Y-o-Y basis.”

“The Q2 FY27 revenues for the segment stood at Rs 173 billion, registering a strong growth of 29% Y-o-Y basis.”

“Infrastructure & Utilities has a share of Rs 5.84 trillion as compared to Rs 5.81 trillion last year.”

“Energy Conventional, the order prospects is for Rs 2.07 trillion vis-a-vis Rs 3.35 trillion last year.”

“Energy Green, the order prospects is Rs 2.04 trillion as compared to Rs 0.93 trillion last year.”

“Private sector orders contributed to contribute meaningfully at 59% of the domestic order inflows, same as previous year, reflecting the continued strength in private funded capex.”

“comprising Hydrocarbon prospects of Rs 1.67 trillion and CarbonLite Solutions prospects of Rs 0.40 trillion.”

“Our PPM business EBITDA margin for Q2 FY27 was at 7% and declined by 30 basis points compared to the corresponding quarter of the previous year. The decline in PPM margin is primarily due to cost pressures in the WET projects that is Water & Effluent Treatment, increased supply chain costs and a higher proportion of projects yet to reach the margin recognition threshold.”

“Our group level EBITDA margin, excluding other income for Q2 FY27 is 8.7% as compared to 10% in Q2 of the previous year. The EBITDA margin was primarily impacted due to lower margin across the group's portfolio and change in the revenue mix.”

“The EBITDA margin for the Infrastructure and Utilities segment was at 5.7% in Q2 of the current year as compared with 6.2% in Q2 of the previous year. The margin for this segment has been impacted by continuing cost pressures in the Water & Effluent Treatment portfolio and a higher proportion of jobs yet to cross the margin recognition threshold.”

“The Hydrocarbon margins improved from 6.7% to 7.5% during the quarter.”

“Segment margins were further impacted by certain large CarbonLite Solutions projects remaining below margin recognition thresholds. Consequently, the overall segment margins stood at 7.4%, down 80 basis points Y-on-Y basis.”

“The NWC percentage improved to a record low of 1.7% as on September 26 as compared to 4.1% as of March 26.”

“The improvement of NWC percentage was supported by a reduction in the Gross Working Capital percentage from 51.7% as on March 26 to 48% as on September 26, along with customer advances received against the recently secured large orders.”

“Our group level collections, excluding financial services for Q2 FY27 stood at INR740 billion as compared to INR600 billion in Q2 of the previous year.”

“The cash flow from operations, excluding financial services increased to INR128 billion during the quarter as compared to INR48 billion in the quarter of the previous year.”

“So Puneet, I think far as the PPM portfolio is concerned, it's been a favorable negative 4%, as of September.”

“The agreement positions the company to participate in major EPC opportunities under PDO's capital investment program.”

“The Data Center business of the company is being reorganized under Vyoma.AI Limited, a wholly owned subsidiary.”

“The company unveiled 40 semiconductor products and platforms across power, compute, connectivity and analog technologies, including its first 1,200-volt silicon carbide MOSFET platform.”

“During the period, the company partnered with Azuremoto Technologies to advance SiC and power semiconductor solutions and with Tata Electronics to support indigenous manufacturing of semiconductor products for domestic and global markets.”

“In mobility, it achieved production readiness for EV traction motors with commercial production scheduled to commence in Q3 FY27, while continuing to advance opportunities in ADAS and e-powertrain systems with leading automotive OEMs.”

“The salary hike and adverse forex variation in LTM impacted segment margin, partly offset by a onetime gain on the Smart World & Communications divestment in LTTS.”

“reflect the impact of the onetime labor court provision, which was recognized in the Q3 of the previous year.”

“On the Renewables side, yes, I think it's taking a little longer for us to get the materials and there is some extra cost. So, we are in discussion with customers.”

“With some delays here, I think we expect some deferment of revenue on the Renewables business. But we'll try to make it up with other projects in the domestic market and other countries. If not, there could be some shortfall on that particular business.”

“Logistics is more relevant for Renewables business in the Middle East and to some extent, for Power Transmission, less for Hydrocarbon.”

“Now there could be a bit of a timing issue that when we recognize the cost and when we get compensated, that we'll have to see how it develops.”

“The one where we have a significant impact is the Renewable business because like you said, the new solar modules and everything has to come from China.”

“Supported by strong execution progress across Energy-related projects that comprises both Conventional and Solar and healthy growth in the Financial Services segment, the group revenues rose to Rs 787 billion, registering a robust 16% growth.”

“International revenue contributed to 58% of the total revenues during the quarter. The revenues from the PP&M portfolio stood at Rs 584 billion, reporting a robust growth of 20% Y-on-Y.”

“Our group PAT for Q2 FY27 stood at Rs 52 billion, registering a strong growth of 33% Y-o-Y.”

“Finally, the trailing 12-month ROE for Q2 FY27 stood at 16.7% vis-a-vis 17.2% in Q2 of the previous year.”

“a major part of the execution that is happening for the international projects are actually happening in off-site locations, which means we are doing the work in the fabrication yard.”