Stock LS&TB LARSEN & TOUBRO LIMITED
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Financials Larsen & Toubro Limited LUXEMBOURG S.E.

Equities

LS&TB

USY5217N1183

Construction & Engineering

End-of-day quote LUXEMBOURG S.E.
Other stock markets
 18:00:00 2024-06-11 EDT 		5-day change 1st Jan Change
43.4 USD +0.93% Intraday chart for Larsen & Toubro Limited +3.83% +2.36%
06-13 Larsen & Toubro Bags Daman Upside Development Project from Oil & Natural Gas MT
06-11 Indian Equities End Flat on Tuesday; ONGC Shares Rise 6% MT

Valuation

Fiscal Period: Maart 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 1,132,397 1,991,613 2,483,319 3,041,966 5,187,683 5,092,116 - -
Enterprise Value (EV) 1 2,235,014 2,816,753 3,250,943 3,041,966 5,911,510 6,072,090 6,039,906 5,959,876
P/E ratio 11.9 x 17.2 x 28.7 x 29.1 x 40.2 x 31.9 x 25.4 x 22.7 x
Yield 2.23% 2.54% 1.24% 1.11% 0.74% 0.97% 1.16% 1.42%
Capitalization / Revenue 0.78 x 1.46 x 1.59 x 1.66 x 2.35 x 2.01 x 1.76 x 1.55 x
EV / Revenue 1.54 x 2.07 x 2.08 x 1.66 x 2.67 x 2.4 x 2.09 x 1.81 x
EV / EBITDA 13.7 x 18 x 17.8 x 14.7 x 25.2 x 21.6 x 17.8 x 15.4 x
EV / FCF 65.8 x 12.8 x 20.3 x 16 x 42.1 x 34.9 x 25.6 x 27.8 x
FCF Yield 1.52% 7.78% 4.94% 6.24% 2.38% 2.87% 3.91% 3.6%
Price to Book 1.49 x 2.63 x 3.01 x - 6.01 x 5.09 x 4.46 x 4.04 x
Nbr of stocks (in thousands) 1,403,479 1,404,176 1,405,029 1,405,227 1,374,548 1,374,669 - -
Reference price 2 806.8 1,418 1,767 2,165 3,774 3,704 3,704 3,704
Announcement Date 20-06-05 21-05-14 22-05-12 23-05-10 24-05-08 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 1,454,524 1,359,790 1,565,212 1,833,407 2,211,129 2,528,364 2,890,254 3,294,230
EBITDA 1 163,290 156,241 182,173 207,533 234,940 281,731 339,458 388,109
EBIT 1 138,667 127,199 152,694 172,510 198,113 242,316 298,848 345,628
Operating Margin 9.53% 9.35% 9.76% 9.41% 8.96% 9.58% 10.34% 10.49%
Earnings before Tax (EBT) 1 134,310 85,420 145,304 171,090 205,171 247,059 310,322 369,331
Net income 1 95,490 115,829 86,693 104,707 130,591 160,611 202,297 241,014
Net margin 6.57% 8.52% 5.54% 5.71% 5.91% 6.35% 7% 7.32%
EPS 2 67.95 82.41 61.65 74.45 93.88 116.2 145.8 163.3
Free Cash Flow 1 33,944 219,218 160,530 189,840 140,558 174,002 236,164 214,572
FCF margin 2.33% 16.12% 10.26% 10.35% 6.36% 6.88% 8.17% 6.51%
FCF Conversion (EBITDA) 20.79% 140.31% 88.12% 91.47% 59.83% 61.76% 69.57% 55.29%
FCF Conversion (Net income) 35.55% 189.26% 185.17% 181.31% 107.63% 108.34% 116.74% 89.03%
Dividend per Share 2 18.00 36.00 22.00 24.00 28.00 36.03 42.98 52.42
Announcement Date 20-06-05 21-05-14 22-05-12 23-05-10 24-05-08 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 641,076 395,629 528,507 358,532 427,626 786,158 463,897 583,352 478,820 510,240 989,060 551,278 670,787 543,972 574,304 624,537 853,396
EBITDA 71,664 45,304 65,205 39,567 48,994 88,561 50,730 68,330 48,690 56,320 105,010 57,590 72,340 - - - -
EBIT 1 - 37,980 57,512 29,930 40,400 70,400 42,479 59,794 40,382 47,221 - 48,382 62,128 37,812 49,472 67,177 83,870
Operating Margin - 9.6% 10.88% 8.35% 9.45% 8.95% 9.16% 10.25% 8.43% 9.25% - 8.78% 9.26% 6.95% 8.61% 10.76% 9.83%
Earnings before Tax (EBT) 54,132 35,556 55,616 29,319 39,400 68,800 43,364 59,074 43,324 49,911 93,234 47,718 64,218 - - - -
Net income 29,939 20,547 36,207 17,000 22,300 39,300 25,529 39,868 24,930 32,226 57,156 29,474 43,961 - - - -
Net margin 4.67% 5.19% 6.85% 4.74% 5.21% 5% 5.5% 6.83% 5.21% 6.32% 5.78% 5.35% 6.55% - - - -
EPS - 14.61 25.75 12.10 15.85 27.95 18.15 28.35 17.73 22.92 - 21.42 31.95 - - - -
Dividend per Share 2 - - - - - - - - - - - - 28.00 - - - 45.90
Announcement Date 21-10-27 22-01-28 22-05-12 22-07-26 22-10-31 22-10-31 23-01-30 23-05-10 23-07-25 23-10-31 23-10-31 24-01-30 24-05-08 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 1,102,617 825,141 767,624 - 723,827 979,974 947,789 867,760
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.753 x 5.281 x 4.214 x - 3.081 x 3.478 x 2.792 x 2.236 x
Free Cash Flow 1 33,945 219,218 160,530 189,840 140,558 174,002 236,164 214,572
ROE (net income / shareholders' equity) 13.1% 16.2% 11% 12.2% 14.8% 17.2% 18.7% 19.6%
ROA (Net income/ Total Assets) 3.26% 3.74% 2.75% - 3.87% 4.9% 5.2% 5.5%
Assets 1 2,932,479 3,097,040 3,156,616 - 3,373,924 3,277,774 3,890,326 4,382,069
Book Value Per Share 2 543.0 540.0 587.0 - 628.0 728.0 830.0 918.0
Cash Flow per Share 2 47.60 163.0 136.0 162.0 133.0 151.0 184.0 204.0
Capex 1 32,994 9,223 31,106 37,930 42,105 41,175 42,648 52,434
Capex / Sales 2.27% 0.68% 1.99% 2.07% 1.9% 1.63% 1.48% 1.59%
Announcement Date 20-06-05 21-05-14 22-05-12 23-05-10 24-05-08 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Larsen & Toubro Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
33
Last Close Price
3,704 INR
Average target price
3,865 INR
Spread / Average Target
+4.34%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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