# L&T share price today (Larsen & Toubro Ltd, NSE: LT)

> L&T share price today: ₹3,944.40 at the NSE close on 4 November 2026, up 1.6% in a year. Larsen & Toubro (NSE: LT) is worth ₹5,42,674 crore, trades at a P/E of 28.7 and has closed between ₹3,434.80 and ₹4,380.60 over the past 52 weeks. > Larsen & Toubro Ltd's earnings have grown faster than its share price. Earnings per share grew +6.9% in a year while the price moved +1.6%. LT · Infra - Construction & Contracting · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/larsen-toubro-ltd

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## Key numbers

- Business trend: Growing steadily, from fewer quarters than usual
- Price: ₹3,944.40 (+1.6% in a year)
- P/E: 28.7× (lower than 51% of the last 11 years)
- Revenue (Sep 2026): ₹78,750 Cr (+15.8% on a year ago)
- Profit (Sep 2026): ₹5,949 Cr (+27.2% on a year ago)
- Operating margin: 11.0% (−2.0 points on a year ago)
- ROCE: 15%, FY26
- Profit that came in as cash: 85%, last 3 years

The main question: foreign institutions moved −2.5 percentage points over 8 quarters while the business went the other way. ## What is the L&T share price today? Larsen & Toubro Ltd's share price was ₹3,944.40 at the close on 4 November 2026. It has been falling for 2 weeks. That is 1.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹3,435 and ₹4,381, and at that close it sat 54% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 3 weeks in a row. Over the last 11 years the share price moved +433% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at L&T this quarter? Two changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) and lowest operating margin in 16 quarters. 1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) In the September 2026 quarter revenue was ₹78,750 crore, +15.8% on a year earlier. Why: Revenue rose because the company did more offshore oil and gas work and more work on CarbonLite projects. Next results: check whether oil and gas shipments go out on time and whether customers pay back extra logistics costs. From the earnings call on 27 Oct 2026. 2. Lowest operating margin in 16 quarters Operating margin was 11% in the September 2026 quarter, against 13% a year earlier. Why: It earned less on each sale because its water business had cost overruns, supply costs rose, and more projects were not far enough along to count. Next results: check whether the water business turns long running cost overruns into claims paid by customers. From the earnings call on 27 Oct 2026. ## What are L&T's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), L&T reported revenue of ₹78,750 crore, up 15.8% from ₹67,984 crore a year earlier, and a profit of ₹5,949 crore, up 27.2% from ₹4,678 crore. ### L&T results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹78,750 crore | ₹67,984 crore | +15.8% |
| Profit | ₹5,949 crore | ₹4,678 crore | +27.2% |
| Earnings per share | ₹37.81 | ₹28.54 | +32.5% |
| Operating margin | 11.0% | 13.0% | −2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). L&T's management discussed these results on a call held on 27 October 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the L&T share price history? L&T closed at ₹3,944.40 on 4 November 2026, up 1.6% from ₹3,882.50 a year earlier (7 November 2025) and up 106.6% over five years. Its highest weekly close since February 2016 was ₹4,380.60 on 20 February 2026. ### L&T share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹3,871.70 | +1.9% |
| 1 month ago · 1 Oct 2026 | ₹3,693.40 | +6.8% |
| 6 months ago · 8 May 2026 | ₹3,974.50 | −0.8% |
| 1 year ago · 7 Nov 2025 | ₹3,882.50 | +1.6% |
| 3 years ago · 3 Nov 2023 | ₹2,911.25 | +35.5% |
| 5 years ago · 4 Nov 2021 | ₹1,908.95 | +106.6% |
| 10 years ago · 4 Nov 2016 | ₹946.53 | +316.7% |
| Earliest and lowest weekly close in our records · 26 Feb 2016 | ₹740.43 | +432.7% |
| Highest weekly close since February 2016, also the 52-week high · 20 Feb 2026 | ₹4,380.60 | −10.0% |
| 52-week low (weekly close) · 20 Mar 2026 | ₹3,434.80 | +14.8% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 4 November 2026.)

## What is the latest news on L&T? 4 Nov 2026: L&T closed at ₹3,944.40, up 1.9% on the week and up 6.8% on the month. 27 Oct 2026: L&T held its results call for July to September 2026. Management guided: FY27 order inflow and revenue growth each 10-12%, backed by H2 PPM prospects of around ₹10.3 trillion. ### Earlier

- Results for July to September 2026: Revenue up 15.8% and profit up 27.2% on a year earlier. - 22 May 2026: ex-date for a dividend of ₹38 a share. ## What dividend does L&T pay? L&T paid ₹38 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.96% at the ₹3,944.40 close on 4 November 2026. The last was a dividend of ₹38 a share, ex-date 22 May 2026. ### L&T dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 22 May 2026 | ₹38 | Dividend | same day |
| 3 Jun 2025 | ₹34 | Dividend | same day |
| 20 Jun 2024 | ₹28 | Dividend | same day |
| 2 Aug 2023 | ₹24 | Dividend | same day |
| 2 Aug 2023 | ₹6 | Special | same day |
| 21 Jul 2022 | ₹22 | Dividend | 22 Jul 2022 |
| 28 Jul 2021 | ₹18 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Larsen & Toubro Ltd paid out 32% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did L&T management say on the latest results call? On the call for July to September 2026, held on 27 October 2026, L&T's management guided: FY27 order inflow and revenue growth each 10-12%, backed by H2 PPM prospects of around ₹10.3 trillion. > “We do not want to again get onto a path of showing revenue while, at the same time, compromising on cash.”
> P. Ramakrishnan, on the call for July to September 2026

### What management guided

- FY27 P&M operating margin goal of 7.8%. - Group net working capital expected to close below 10%. - PDO framework covers a US$6-7 billion opportunity; the initial answer cited four to five years, later clarified as three to four years. - Chennai AI Factory commissioning planned for January 2027; 10,000 GPUs, approximately US$750 million of spending, and over 100 MW of AI capacity within 1.5-2 years. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/348-27-Oct-2026.pdf). (From the call for July to September 2026, 27 October 2026.)

## What to watch in L&T's next results? When L&T reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Solar awards and module logistics: check whether ordering recovers without further execution deferrals. - What to check (from the call)
- Solar awards and module logistics: check whether ordering recovers without further execution deferrals. - Hydrocarbon shipments and logistics reimbursements: check progress on deliveries and customer compensation. - AI Factory commissioning and semiconductor commercialization: check for operating progress and first sales traction. - Hyderabad Metro divestment completion: check against the revised transaction timetable. ## Which stock lists is L&T on? L&T is on 2 of our India lists: Nifty 50 companies and AI & data centre stocks. - [Nifty 50 companies Weight in the Nifty 50 (%): 4.2](https://www.sectoralpha.in/nifty-50-stocks-list)
- [AI & data centre stocks Group on the list: Data centre operators](https://www.sectoralpha.in/ai-stocks-india)

## Is L&T profitable? Larsen & Toubro Ltd earned ₹5,949 Cr of net profit in the Sep 2026 quarter, +27.2% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹18,954 Cr. Over 10 years profit has grown 15.2% a year on average. That is 7.6% of the quarter's revenue. The same quarter a year earlier earned ₹4,678 Cr. For the full year, FY26 profit was ₹18,954 Cr (+7.2% on the year before). Why profit moved: revenue changed +15.8% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +9.6% and revenue +11.1%. Profit and revenue are moving at about the same pace. ## How much revenue does L&T make, and is it growing? Larsen & Toubro Ltd reported ₹78,750 Cr of revenue in the Sep 2026 quarter, +15.8% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 11.0% a year on average. The last full year, FY26, came in at ₹2,85,874 Cr. The last four reported quarters add to ₹3,00,904 Cr. FY26 revenue was ₹2,85,874 Cr, +11.8% on the year before. Recent pace: the last four quarters grew +11.1% on average, against 11.0% a year over the longer run, so this year is growing at about the same pace as its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +11.1%, against +12.2% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +9.2%, against +13.7% a year (rolling over). ## How much of every ₹100 of sales does L&T keep? Larsen & Toubro Ltd's operating margin was 11.0% in the Sep 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 13.0% and 17.0%. The latest quarter is below every full year in that period. Why the margin moved: operating margin changed −1.3 percentage points on the year while gross margin changed −1.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is L&T's profit turning into cash? Over the last 3 years, 85% of Larsen & Toubro Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹16,741 Cr of operating cash against ₹18,954 Cr of profit. After −₹8,101 Cr of spending on assets, ₹24,842 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 85% of profit came in as cash: the cash cycle got 85 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does L&T's cash go? Larsen & Toubro Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −151 days in FY26, up from −236 days in FY21. It spent ₹639 Cr on assets over the last 3 years. Customers take 77 days to pay, and stock sits for 36 days on average. At FY26 sales of ₹2,85,874 Cr, each day of that cycle ties up about ₹783 Cr, so roughly −₹1,18,266 Cr is tied up in the business at any time. FY26: customers took 77 days to pay and stock sat for 36 days, about 1.2 months of sales sitting as stock, for a full cycle of −151 days, longer than FY21's −236. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 36 days. Customers pay about 77 days after that. Suppliers are paid at 265 days. Together that makes the −151-day cycle. Spending on assets: ₹639 Cr over the last 3 years, against ₹12,168 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹3,311 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is L&T's P/E ratio, and how does it compare with its own history? Larsen & Toubro Ltd's P/E is 28.7×, in the middle of its own history: higher than 49% of past readings. Its usual P/E (the middle reading) is 28.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹129.86. Why the multiple is where it is: over the past year earnings per share moved +6.9% while the price moved +1.6%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +15.6% a year; about +17.2% a year came from earnings growth and about −1.6 percentage points from the multiple (the market paying less); over 10 years the price moved +15.3% a year; about +15.4% a year came from earnings growth and about −0.1 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 3.5% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Is the L&T business getting better or worse? Larsen & Toubro Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 15.0%. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: steady growth with healthy returns is how a business compounds over time. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does L&T earn on its capital? Larsen & Toubro Ltd earned a ROCE of 15% in FY26. That is up from a low of 10% in FY15. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 6.6% net margin and 0.63× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 6.6% net margin × 0.63× asset turnover × 4.14× leverage (assets divided by equity) ≈ 17.2% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 3.5% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does L&T have too much debt? Larsen & Toubro Ltd had ₹1,25,497 Cr of borrowings against ₹1,09,290 Cr of equity in FY26, so its debt is 1.15× its equity. Its operating profit is 4 times its interest bill. Over 5 years borrowings went from ₹1,34,629 Cr to ₹1,25,497 Cr. Over the last 3 of those years it spent ₹639 Cr on assets. The spending on assets is being paid for from cash, not new debt. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 3.5% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the L&T shareholding pattern? Foreign institutions cut their stake in Larsen & Toubro Ltd by 2.5 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 19.2% of the company. Domestic institutions moved +2.4 points over the same period, to 42.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why the owners changed: foreign institutions moved −2.5 points and domestic institutions +2.4 points over 8 quarters. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is L&T from balance-sheet trouble? For Larsen & Toubro Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does L&T rank in its industry? 61.3 out of 100, rank 3 of 18 in Infra - Construction & Contracting, with 82% of the evidence available. Larsen & Toubro Ltd scores 61.3 out of 100 against the 18 companies it is compared with in Infra - Construction & Contracting, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 19.4 + 15.5 + 9.1 + 17.3 = 61.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is L&T compared with? L&T ranks 3 of 18 Infra - Construction & Contracting companies on the 4-Factor Sector Score, with 61.3 out of 100. 1. [Mold-Tek Technologies Ltd](https://www.sectoralpha.in/stocks/mold-tek-technologies-ltd) MOLDTECH · breaking out · Most evidence points up · 81% evidence 66.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.0/35 · Revenue 48.7% · Profit 100% · Operating margin change 18.5 points · 88% evidence Capital efficiency 11.6/25 · ROCE 9.5% · Operating margin 19.9% · 100% evidence Valuation 11.7/20 · P/E 28× · PEG 0.62 · 100% evidence Relative strength 12.3/20 · Lead over its industry n/a · Lead over NIFTY 500 23.2% · 1 year n/a · 25% evidence · 7 of 7 weeks ahead Exact sum: 31 + 11.6 + 11.7 + 12.3 = 66.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Cemindia Projects Ltd](https://www.sectoralpha.in/stocks/cemindia-projects-ltd) CEMPRO · quiet · Evidence leans up · 96% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.9/35 · Revenue 8.9% · Profit 47.2% · Operating margin change 1 points · 88% evidence Capital efficiency 18.7/25 · ROCE 32.8% · Operating margin 10% · 100% evidence Valuation 2.5/20 · P/E 38.8× · PEG 5.81 · 100% evidence Relative strength 14.5/20 · Lead over its industry 54.3% · Lead over NIFTY 500 38.4% · 1 year 55.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 25.9 + 18.7 + 2.5 + 14.5 = 61.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. Larsen & Toubro Ltd this page LT · turning · Evidence leans up · 82% evidence 61.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 11.2% · Profit 9.3% · Operating margin change -2 points · 95% evidence Capital efficiency 15.5/25 · ROCE 14.6% · Operating margin 11% · 76% evidence Valuation 9.1/20 · P/E 28.2× · PEG n/a · 50% evidence Relative strength 17.3/20 · Lead over its industry 14.1% · Lead over NIFTY 500 3% · 1 year -3.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19.4 + 15.5 + 9.1 + 17.3 = 61.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Patel Engineering Ltd](https://www.sectoralpha.in/stocks/patel-engineering-ltd) PATELENG · basing · Evidence leans up · 96% evidence 55.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Revenue -1.4% · Profit 4.7% · Operating margin change 1 points · 88% evidence Capital efficiency 15.6/25 · ROCE 13.3% · Operating margin 14% · 100% evidence Valuation 15.1/20 · P/E 5.8× · PEG 1.52 · 100% evidence Relative strength 9.5/20 · Lead over its industry -4.9% · Lead over NIFTY 500 -14.5% · 1 year -36.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.4 + 15.6 + 15.1 + 9.5 = 55.6 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 5. [SPML Infra Ltd](https://www.sectoralpha.in/stocks/spml-infra-ltd) SPMLINFRA · quiet · Evidence leans up · 74% evidence 52.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 37.8% · Profit 80.8% · Operating margin change 4.4 points · 88% evidence Capital efficiency 4.1/25 · ROCE 6.5% · Operating margin 9% · 100% evidence Valuation 14.5/20 · P/E 12.7× · PEG 0.69 · 65% evidence Relative strength 8.4/20 · Lead over its industry n/a · Lead over NIFTY 500 -26.9% · 1 year -44.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 4.1 + 14.5 + 8.4 = 52.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [NBCC (India) Ltd](https://www.sectoralpha.in/stocks/nbcc-indialtd) NBCC · quiet · Evidence leans up · 78% evidence 50.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 3.8% · Profit 30.9% · Operating margin change 2.4 points · 83% evidence Capital efficiency 17.8/25 · ROCE 29.3% · Operating margin 7% · 76% evidence Valuation 10.9/20 · P/E 27.5× · PEG n/a · 50% evidence Relative strength 2.9/20 · Lead over its industry -14.9% · Lead over NIFTY 500 -23.7% · 1 year -40.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.2 + 17.8 + 10.9 + 2.9 = 50.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Hazoor Multi Projects Ltd](https://www.sectoralpha.in/stocks/hazoor-multi-projects-ltd) HAZOOR · Too little evidence to rank firmly · 59% evidence 47.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/43.75 · Revenue -30.5% · Profit -34.1% · Operating margin change 70.1 points · 88% evidence Capital efficiency 18.3/31.25 · ROCE 12% · Operating margin 84.5% · 100% evidence Valuation 13.1/25 · P/E 16.6× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 15.9 + 18.3 + 13.1 = 47.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Ramky Infrastructure Ltd](https://www.sectoralpha.in/stocks/ramky-infrastructure-ltd) RAMKY · basing · Evidence leans down · 63% evidence 46.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 4.6% · Profit 17.8% · Operating margin change -14 points · 83% evidence Capital efficiency 11.6/25 · ROCE 13.5% · Operating margin 6% · 76% evidence Valuation 13.2/20 · P/E 11.4× · PEG n/a · 50% evidence Relative strength 8.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -27.3% · 1 year -51.7% · 25% evidence · 0 of 12 weeks ahead Exact sum: 13.9 + 11.6 + 13.2 + 8.2 = 46.9 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 9. [PNC Infratech Ltd](https://www.sectoralpha.in/stocks/pnc-infratech-ltd) PNCINFRA · quiet · Evidence leans down · 100% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.7/35 · Revenue 1.8% · Profit -21.3% · Operating margin change -1 points · 100% evidence Capital efficiency 10.1/25 · ROCE 8% · Operating margin 21% · 100% evidence Valuation 20.0/20 · P/E 5.1× · PEG 0.17 · 100% evidence Relative strength 0.0/20 · Lead over its industry -31% · Lead over NIFTY 500 -38.1% · 1 year -55.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 14.7 + 10.1 + 20 + 0 = 44.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Simplex Infrastructures Ltd](https://www.sectoralpha.in/stocks/simplex-infrastructures-ltd) SIMPLEXINF · turning · Evidence leans down · 71% evidence 44.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 4.6% · Profit 80.8% · Operating margin change 3.9 points · 88% evidence Capital efficiency 5.4/25 · ROCE 2.4% · Operating margin 7% · 100% evidence Valuation 5.9/20 · P/E 44.4× · PEG n/a · 50% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 11.1% · 1 year -6.4% · 25% evidence · 7 of 12 weeks ahead Exact sum: 20.9 + 5.4 + 5.9 + 12 = 44.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Likhitha Infrastructure Ltd](https://www.sectoralpha.in/stocks/likhitha-infrastructure-ltd) LIKHITHA · basing · Evidence leans down · 96% evidence 43.1 out of 100 Growth Capital Valuation Relative
12. [H.G. Infra Engineering Ltd](https://www.sectoralpha.in/stocks/hg-infra-engineering-ltd) HGINFRA · quiet · Evidence leans down · 81% evidence 42.0 out of 100 Growth Capital Valuation Relative
13. [IRB Infrastructure Developers Ltd](https://www.sectoralpha.in/stocks/irb-infrastructure-developers-ltd) IRB · basing · Evidence leans down · 78% evidence 42.0 out of 100 Growth Capital Valuation Relative
14. [Hindustan Construction Company Ltd](https://www.sectoralpha.in/stocks/hindustan-construction-company-ltd) HCC · quiet · Evidence leans down · 79% evidence 40.5 out of 100 Growth Capital Valuation Relative
15. [KNR Constructions Ltd](https://www.sectoralpha.in/stocks/knr-constructions-ltd) KNRCON · quiet · Evidence leans down · 78% evidence 38.0 out of 100 Growth Capital Valuation Relative
16. [Rail Vikas Nigam Ltd](https://www.sectoralpha.in/stocks/rail-vikas-nigam-ltd) RVNL · quiet · Evidence leans down · 74% evidence 36.4 out of 100 Growth Capital Valuation Relative
17. [Vishnu Prakash R Punglia Ltd](https://www.sectoralpha.in/stocks/vishnu-prakash-r-punglia-ltd) VPRPL · Too little evidence to rank firmly · 59% evidence 23.0 out of 100 Growth Capital Valuation Relative
18. [Giriraj Civil Developers Ltd](https://www.sectoralpha.in/stocks/giriraj-civil-developers-ltd) GIRIRAJ · Too little evidence to rank firmly · 32% evidence 55.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Infra - Construction & Contracting](https://www.sectoralpha.in/sectors/infra-construction-contracting), all 18 compared on one page. ## Which companies are close to L&T in size? L&T is the largest of 18 Infra - Construction & Contracting companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Rail Vikas Nigam, Cemindia Projects, IRB Infrastructure Developers, NBCC (India), Hindustan Construction Company and PNC Infratech. ### Infra - Construction & Contracting companies close in size

1. Larsen & Toubro Ltd ₹5,32,713 crore
2. [Rail Vikas Nigam Ltd](https://www.sectoralpha.in/stocks/rail-vikas-nigam-ltd) ₹37,462 crore
3. [Cemindia Projects Ltd](https://www.sectoralpha.in/stocks/cemindia-projects-ltd) ₹23,330 crore
4. [IRB Infrastructure Developers Ltd](https://www.sectoralpha.in/stocks/irb-infrastructure-developers-ltd) ₹18,999 crore
5. [NBCC (India) Ltd](https://www.sectoralpha.in/stocks/nbcc-indialtd) ₹18,808 crore
6. [Hindustan Construction Company Ltd](https://www.sectoralpha.in/stocks/hindustan-construction-company-ltd) ₹4,490 crore
7. [PNC Infratech Ltd](https://www.sectoralpha.in/stocks/pnc-infratech-ltd) ₹3,179 crore

[All 18 Infra - Construction & Contracting companies, largest first](https://www.sectoralpha.in/sectors/infra-construction-contracting#all-companies)

### Companies close in size in other industries

1. [State Bank of India](https://www.sectoralpha.in/stocks/state-bank-of-india) ₹8,87,861 crore · Banks - PSU
2. [Bajaj Finance Ltd](https://www.sectoralpha.in/stocks/bajaj-finance-ltd) ₹5,84,679 crore · Conglomerate Backed NBFC
3. Larsen & Toubro Ltd ₹5,32,713 crore
4. [Life Insurance Corporation of India](https://www.sectoralpha.in/stocks/life-insurance-corporation-of-india) ₹4,84,811 crore · Finance - Insurance
5. [Infosys Ltd](https://www.sectoralpha.in/stocks/infosys-ltd) ₹4,80,908 crore · IT - Software

## What else do people ask about L&T? ### What is L&T's share price today? Larsen & Toubro Ltd's share price is ₹3,944.40, +1.6% over the past year. The whole company is worth ₹5,42,674 Cr on the market. In the last 52 weeks it traded between ₹3,435 to ₹4,381; today it is 54% of the way up from the low, 1.6% above its 200-day average (as of 4 November 2026). ### What were L&T's latest quarterly results? Larsen & Toubro Ltd reported revenue of ₹78,750 Cr and net profit of ₹5,949 Cr for the Sep 2026 quarter. Revenue rose 15.8% and profit rose 27.2% compared with a year earlier. Earnings per share were ₹37.81. The operating margin was 11.0%, 2.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is L&T's market cap? Larsen & Toubro Ltd's market capitalisation is ₹5,42,674 Cr at a share price of ₹3,944.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is L&T performing? Larsen & Toubro Ltd's share price has been falling for 2 weeks. In its latest quarter, revenue rose 15.8% and profit rose 27.2% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 3 weeks running (as of 4 November 2026). ### Will L&T's share price go up? This page does not forecast Larsen & Toubro Ltd's share price. What it shows instead: the share price is ₹3,944.40, and it has been falling for 2 weeks. Its P/E of 28.7× is higher than 49% of its own last 11 years (as of 4 November 2026). ### Where is L&T in its business cycle? Larsen & Toubro Ltd's FY26 operating margin was 13.0%, against a 13-year range of 13.0% to 17.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the L&T story? The main question: foreign institutions moved −2.5 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is L&T a stock worth studying right now? What the numbers show: Larsen & Toubro Ltd's earnings have grown faster than its share price. Earnings per share grew +6.9% in a year while the price moved +1.6%. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a L&T share price forecast for 2026? What management itself guided: FY27 order inflow and revenue growth each 10-12%, backed by H2 PPM prospects of around ₹10.3 trillion. ## Lists

- Nifty 50 companies: https://www.sectoralpha.in/nifty-50-stocks-list
- AI & data centre stocks: https://www.sectoralpha.in/ai-stocks-india

This is research, not advice. We’re not SEBI-registered.