Larsen & Toubro (L&T) Q4 FY25 & FY25 Financial Analysis

Larsen & Toubro (L&T) Q4 FY25 & FY25 Financial Analysis

1. Key Highlights

• Order Inflow: ₹3,566 billion (up 18% YoY).
  
  

• Order Book: ₹5,791 billion (up 22% YoY).
  
  

• Revenue: ₹2,557 billion (up 16% YoY).
  
  

• Reported PAT: ₹150 billion (up 15% YoY).
  
  

• ROE: 16.3% (up 140 bps YoY).
  
  

• International Orders: 46% of the total order book.
  
  

• Dividend: ₹34 per share.
  
  

2. Order Inflow and Order Book Analysis

Segmental Order Share (FY25)

• Infrastructure: 49%
  
  

• Energy: 25%
  
  

• Hi-Tech Manufacturing: 5%
  
  

• Services: 19%
  
  

• Others: 3%
  
  

3. Segmental Revenue & Growth

4. Consolidated Income Statement Analysis

5. Balance Sheet Analysis

6. Consolidated Cash Flow Analysis

7. Key Ratios

• PE Ratio (CMP: ₹3,320): 22.1x
  
  

• Interest Coverage Ratio (ICR): 6.5x
  
  

• ROE: 16.3% (up 140 bps YoY)
  
  

• Net Working Capital (NWC) as % of Revenue: 11.0% (down from 12.0%)
  
  

8. Near-Term & Short-Term Outlook

• Strong order book across diversified sectors provides revenue visibility.
  
  

• Focus on timely project execution and margin stability.
  
  

• Expansion in renewable energy, green hydrogen, and digital infrastructure.
  
  

• Emphasis on international growth, especially in the Middle East and Europe.
  
  

• Dividend policy remains shareholder-friendly with ₹34 per share.
  
  

9. Disclosure

• This analysis is for educational purposes and should not be considered financial advice. Investors are advised to conduct their own research before making investment decisions.