Larsen & Toubro Limited

LTOD.L

Engineering & Construction · Industrials

Price

42.55 GBp

+0.45 (+1.07%)

Market Cap

£59.80B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Data not available

Stability

Weak

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.41B (2022) → 1.38B (2026)

Winston Score History

The full picture

Larsen & Toubro (L&T) is one of India's largest engineering and construction companies. It builds major infrastructure projects like bridges, highways, airports, power plants, and factories. Its customers include governments, large corporations, and defense organizations across India and the Middle East.

L&T makes money by winning large contracts and charging fees to design and build complex projects. It also has businesses in technology services, financial services, and heavy manufacturing, which spread its revenue across multiple areas. The company operates mainly in India but has a growing presence in the Gulf region and other international markets. Its deep engineering expertise and long track record give it an edge over smaller rivals when bidding for large, technically difficult projects. The biggest risk L&T faces is a slowdown in government infrastructure spending in India, since public-sector contracts make up a large share of its order book.

Score breakdown

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Quality

Profit per sale

Gross Margin

35.6%

Modest — 35.6% gross margin

Profit after running costs

Operating Margin

7.5%

Modest — 7.5% operating margin

Return on the money invested

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

1.11

Elevated debt (1.11)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

31.4x

Pricey — P/E 31.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.4 → 21.1)

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Dividends

Dividend

Dividend Yield

0.94%

Small dividend — 0.94% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+64.1%

Dividend growing fast (64.1% YoY)

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