Slides
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Earnings Call Presentation Q2 / H1 FY26 29th October 2025 Navi Mumbai International Airport
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2 2 This presentation contains certain forward looking statements concerning L&T’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and the target countries for exports, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions with respect to investments, fiscal deficits, regulations, etc., interest and other fiscal costs generally prevailing in the economy. Past performance may not be indicative of future performance. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the company. Disclaimer 2 L&T Evara Heights, Thane (Representative Image)
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Kartavya Bhavan, Delhi 3 Key Highlights 3
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Q2 - Strong Order Inflows, In line Execution, Improved Returns ₹ 1158 bn Order Inflow 45% y-o-y 200 bps y-o-y 10.2% NWC / Revenue ₹ 6670 bn Order Book 31% y-o-y ₹ 680 bn Revenue 10% y-o-y 16% y-o-y ₹ 39 bn Profit After Tax 110 bps y-o-y 17.2% Return on Equity Strategic MoUs and Partnerships across Renewables, Green Energy, Defence, and Semiconductor businesses Reached an in-principle understanding with Government of Telangana for stake sale in Hyderabad Metro
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Key Financial Indicators 5 (Amount in ₹ bn) 800 1158 45% Order Inflow 1510 2102 39% Order Book 5104 6670 31% 616 680 10% Revenue 1167 1317 13% 10.3% 10.0% EBITDA (%) 10.3% 10.0% 34 39 16% Reported PAT 62 75 22% Particulars As on Sep'24 As on Sep'25 Net Working Capital 12.2% 10.2% ROE (TTM) (%) 16.1% 17.2% Q2 FY25 Q2 FY26 (y-o-y) Particulars H1 FY25 H1 FY26 79 48 Cash flow from Operations (excl Financial Services business) 61 106 Q2 FY25 H1 FY25 H1 FY26 (y-o-y)Q2 FY26 (y-o-y) Particulars
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6 Group Performance Analysis Petrochemical Fluidized Catalytic Cracker Unit, Barmer, Rajasthan 6
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Q2 / H1 FY26 Order Inflow / Order Book 7 Order Inflow Order Book Domestic International 3402 3268 3049 2055 30-Sep-24 30-Sep-25 5104 6670 (Amount in ₹ bn) • Robust growth in domestic and international order inflows in Q2 FY26 led by Infrastructure and Energy - Hydrocarbon business • Order Book grows @ 31% y-o-y; International orders constitute 49% of the Order Book • Strong prospect pipeline of ~ Rs 10.4 trn for the near term 299 402 501 756 45% 800 1158 31% Q2 FY25 Q2 FY26 683 860 827 1242 39% 1510 2102 H1 FY25 H1 FY26
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Group P&L Construct – Revenue to EBITDA * Manufacturing, Construction and Operating expenses **Finance cost of financial services business and finance lease activity 8 • Energy (48% yoy), Hi-Tech Manufacturing (33% yoy) and IT Services (13% yoy) businesses drives revenue growth; subdued execution in Infrastructure • MCO expense & Staff costs in line with activity levels • SG&A reflective of increased operations and forex variation • EBITDA margin decline primarily due to margin compression in the IT & TS portfolio 8 Q2 FY25 Q2 FY26 % Var ₹ Billion H1 FY25 H1 FY26 % Var 615.5 679.8 10% Revenue 1166.7 1316.6 13% 52% 56% International Rev. 50% 54% 394.6 435.9 10% MCO Exp.* 736.3 838.2 14% 15.6 17.1 10% Fin. Charge Opex** 29.9 34.1 14% 114.6 129.9 13% Staff Costs 225.0 256.2 14% 27.2 29.0 6% Sales & Admin. 55.8 56.8 2% 551.9 611.8 11% Total Opex 1047.0 1185.4 13% 63.6 68.1 7% EBITDA 119.8 131.2 10% 10.3% 10.0% EBITDA % 10.3% 10.0% Remarks for the quarter
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Group P&L Construct – EBITDA to PAT • Decline in finance cost primarily attributable to lower rate and average borrowing levels at the Parent • Other income reflective of increased level of group surpluses • Strong PAT growth reflective of improved activity levels and efficient treasury management 9 Q2 FY25 Q2 FY26 % Var ₹ Billion H1 FY25 H1 FY26 % Var 63.6 68.1 7% EBITDA 119.8 131.2 10% (8.8) (7.6) -14% Finance Cost (17.5) (15.4) -12% (10.2) (10.9) 7% Depreciation (20.2) (21.3) 5% 11.0 13.8 26% Other Income 20.2 27.4 36% (14.4) (16.5) 14% Tax Expense (26.8) (31.8) 19% (0.1) (0.1) JV/Associates PAT Share (0.1) (0.2) (7.0) (7.5) 7% Non-controlling Int. (13.6) (14.5) 7% 34.0 39.3 16% Recurring PAT 61.8 75.4 22% Remarks for the quarter
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10 Segment Performance Analysis Mumbai Metro Aqua Line – Cuffe Parade Station 10
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Buildings & Factories Development Projects Segment Composition Buildings & Factories Others Realty Development Projects Buildings & Factories Transportation Infra Heavy Civil Water Power T&D Infrastructure Projects Minerals & Metals CarbonLite Solutions Clean Energy Hydrocarbon Energy Projects Hi - Tech Manufacturing Heavy Engineering Precision Engineering & Systems Electrolyser Manufacturing Financial Services Retail Lending Wholesale Lending* Smart World & Communications* Construction Equipment & Industrial Products Design & Development Others Realty Development Projects Green Energy Hyderabad Metro Nabha Power Development Projects Energy Projects Hi - Tech Manufacturing LTTS Digital Platforms Data Centers LTIMindtree IT & TS Semiconductor Design *residual portion Renewables 11
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12 Order Inflow Composition – Q2 / H1 FY26 H1 FY26: ₹ 2102 Bn Q2 FY26: ₹ 1158 Bn Infrastructure, 46% Energy, 33% Hi-Tech Manufacturing, 2% Others, 3% Services, 16% India, 35% Middle East, 54% USA & Europe, 10% ROW, 1% Geography Segment India, 41% Middle East, 47% USA & Europe, 11% ROW, 1% Infrastructure, 45% Energy, 33% Hi-Tech Manufacturing, 2% Others, 3% Services, 18%
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13 Order Book as on 30-Sep-2025 India, 51% Middle East, 41% ROW, 8% Segment Geography ₹ 6670 Bn Infrastructure, 59% Energy, 32% Hi-Tech Manufacturing, 6% Others, 3%
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14 Revenue Composition – Q2 / H1 FY26 H1 FY26: ₹ 1317 Bn Q2 FY26: ₹ 680 Bn India, 44% Middle East, 37% USA & Europe, 17% ROW, 2% Geography Segment India, 46% Middle East, 34% USA & Europe, 17% ROW, 3% Infrastructure, 47% Energy, 19% Hi-Tech Manufacturing, 4% Others, 2% Services, 28% Infrastructure, 46% Energy, 19% Hi-Tech Manufacturing, 5% Others, 2% Services, 28%
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15 • Strong domestic private sector ordering traction drives order inflow* growth • Prospect pipeline of ₹ 6.5 trillion for the near term • Revenue decline reflective of stage of execution, extended monsoon and slower progress in water projects • Margin uptick driven by improved execution efficiency Infrastructure Projects Segment v 588.6 605.2 (Amount in ₹ bn) H1 FY25 Net Revenue: 3% 340.6 264.6 H1 FY26 351.1 237.5 *Refer Segment Annexure for details EBITDA Margin5.9% 6.0% v Net Revenue: 1% 174.4 169.0 145.1 148.6 EBITDA Margin6.0% 6.3% Q2 FY25 Q2 FY26 Domestic International 319.5 317.6 Remarks for the quarter
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16 Energy Projects Segment v 173.6 255.5 (Amount in ₹ bn) H1 FY25 Net Revenue: 47% 64.9 190.6 H1 FY26 55.1 118.5 EBITDA Margin8.9% 7.4% v Net Revenue: 48% 27.7 28.3 61.0 102.5 EBITDA Margin8.9% 7.3% Q2 FY25 Q2 FY26 Domestic International 88.7 130.8 * • Segment order book buoyed by receipt of ultra mega Hydrocarbon orders in Middle East • Execution ramp up across international projects drives Hydrocarbon revenue growth; CarbonLite Solutions (CLS) revenue growth reflective of a higher order book • Subdued Hydrocarbon margin primarily due to cost overruns in certain competitively priced domestic and international projects nearing completion; CLS margin benefits from a favorable claim *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA Remarks for the quarter
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17 Hi- Tech Manufacturing Segment v 39.1 59.8 (Amount in ₹ bn) H1 FY25 Net Revenue: 53% 44.9 14.9 H1 FY26 31.8 7.3 EBITDA Margin15.0% 14.9% v Net Revenue: 33% 17.5 20.7 3.1 6.8 EBITDA Margin12.8% 14.7% Q2 FY25 Q2 FY26 Domestic International 20.6 27.5 * • Order Inflows in Heavy Engineering and Precision Engineering & Systems moderated due to deferrals • Ramp up in execution across Heavy Engineering & PES drives strong revenue growth • Operational efficiencies aids margin improvement in Heavy Engineering; lower margin in PES reflective of larger share of early-stage jobs & cost incurred in certain developmental projects The Precision Engineering & Systems business does not manufacture any explosives nor ammunition of any kind, including cluster munitions or anti-personnel landmines or nuclear weapons or components for such munitions. The business also does not customise any delivery systems for such munitions *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA Remarks for the quarter
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18 IT & Technology Services Segment v 233.0 258.9 (Amount in ₹ bn) H1 FY25 Net Revenue: 11% 201.2 57.3 H1 FY26 184.7 48.2 EBITDA Margin20.5% 19.8% v Net Revenue: 13% 93.8 103.4 24.1 29.2 EBITDA Margin21.0% 20.2% Q2 FY25 Q2 FY26 LTIMindtree LTTS 118.0 132.7 • LTIMindtree revenue growth led by Manufacturing & Resources, Consumer Business and BFSI segments • LTTS revenue growth primarily led by Tech and Sustainability verticals • Segment EBITDA variation due to subdued margin in LTTS and costs incurred towards newly incubated businesses* Revenues of (Digital Platforms, Semiconductor Design business and Data Center)* are not significant Remarks for the quarter
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19 Financial Services Segment • Highest ever quarterly disbursements; improving collection efficiency • Provision Coverage Ratio (PCR) @ 70% • RoA @ 2.41% for Q2 FY26; CRAR @ 19.99% Q2 FY25 Q2 FY26 % Var ₹ Bn H1 FY25 H1 FY26 % Var 38.4 41.7 9% Income from Operations 75.0 81.4 8% 7.0 7.3 6% PAT 13.8 14.4 4% 4.6 4.9 5% PAT (Net of NCI) accruing to the group 9.1 9.5 4% Book 930.2 1071.0 15% Retail Book % 96% 98% Remarks for the quarter
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20 Development Projects Segment v 27.2 27.8 (Amount in ₹ bn) H1 FY25 Net Revenue: 2% 22.8 4.9 H1 FY26 22.5 4.6 EBITDA Margin15.4% 13.6% v Net Revenue: 10% 11.5 12.7 2.3 2.6 EBITDA Margin14.6% 10.9% Q2 FY25 Q2 FY26 Power Development Hyderabad Metro 13.9 15.3 * • Hyderabad Metro: Higher average fares post fare hikes leads to revenue growth and margin improvement • Nabha Power: Decline in EBITDA margin due to a litigation related provisioning *Refer Annexures for Business wise break-up of Revenue and EBITDA Segment includes Hyderabad Metro and Power Development (Nabha Power) Revenues of Green Energy business are not significant Remarks for the quarter
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21 Others Segment v 30.2 28.1 (Amount in ₹ bn) H1 FY25 Net Revenue: 7% 23.3 4.8 H1 FY26 25.7 4.5 EBITDA Margin24.3% 32.1% v Net Revenue: 14% 14.3 11.6 2.2 2.6 EBITDA Margin25.1% 31.3% Q2 FY25 Q2 FY26 16.5 14.2 * • Segment primarily comprises Realty, and Construction Equipment & Industrial Products Design and Development (CE & IPDD) • Healthy order inflow growth was driven by higher pre-sales in the Realty and increased orders in the Construction Equipment business • Decline in segment revenue primarily driven by the lower handover of residential units in the Realty business • Margin improvement primarily due to sale of commercial space in Realty business *Refer Annexures for Business wise break-up of OI, Revenue and EBITDA Domestic International Remarks for the quarter
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Return ratios - Projects & Manufacturing (P&M)* portfolio Growth over FY21 113% 76 % 7 % is with respect to previous year Note: All the numbers are as per published results *P&M includes Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing and Others segments 22 22 (Amount in ₹ crore) Particulars FY21 FY22 FY23 FY24 FY25 TTM Sep'24 TTM Sep'25 Gross Segment Revenue (P&M) 94639 109800 126211 160837 189989 176029 201757 Y-o-Y% 16% 15% 27% 18% 15% Segment Result (PBIT) 8230 8842 9305 11069 13494 12169 14452 Y-o-Y% 7% 5% 19% 22% 19% Segment Funds Employed 37532 39376 39367 39168 38193 43144 40279 Y-o-Y% 5% 0% -1% -2% -7% Segment Result/ Segment Funds Employed 21.9% 22.5% 23.6% 28.3% 35.3% 28.2% 35.9% Corresponding EBITDA Margin 10.1% 9.3% 8.6% 8.2% 8.3% 8.2% 8.3%
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Return ratios - Group # Post inter-segment eliminationsis with respect to FY21Note: All the numbers are as per published results. 23 23 (Amount in ₹ crore) TTM Sep'25 P&M IT&TS FS DP Corporate Total Gross Revenue 201757 50969 15831 5454 0 270720# Segment Result (PBIT) 14452 7947 3562 672 1568 28201 Segment Funds Employed 40279 38379 24700 18640 27427 149424 Segment Result / Segment Funds Employed TTM Sep'25 35.9% 20.7% 14.4% 3.6% 5.7% 18.9% TTM Sep'24 28.2% 22.7% 15.0% 2.9% 4.4% 17.6% FY25 35.3% 20.4% 14.6% 3.9% 3.4% 17.7% FY24 28.3% 23.2% 14.0% 5.3% 5.1% 17.5% FY23 23.6% 24.6% 11.4% 2.0% 3.7% 14.9% FY22 22.5% 23.8% 7.9% -1.1% 4.5% 13.5% FY21 21.9% 20.6% 7.4% -0.9% 7.3% 12.7%
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Energy Transition Mega Transformation Projects Digital Infrastructure Fiscal Pressures Leveraging Core Capabilities to Create Value in an Uncertain World Climate Risks Rising Energy Demand Real Estate & Defence Skill Sets Commodity Prices Policy Uncertainities
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Thank You Investor Relations: P Ramakrishnan (P .Ramakrishnan@larsentoubro.com) Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 25
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26 Balance Sheet ₹ Billion Mar-25 Sep-25 Incr / (Decr) Equity & Reserves 977 1014 37 Non Controlling Interest 177 184 7 Borrowings - Financial Services 920 977 56 Development Projects 156 165 9 Others 219 164 -55 Sources of Funds 2450 2504 55 Fixed Assets (incl ROU assets) 194 211 17 Intangible Assets & Investment Property 273 275 3 Loans towards Financing Activities 919 1010 91 Finance lease receivable 52 50 -1 Net Non-Current Assets 200 180 -20 Current Investments, Cash & Cash Equivalents 663 631 -32 Net Current Assets 148 145 -3 Assets held for Sale (net) 2 1 0 Application of Funds 2450 2504 55 Gross Debt / Equity Ratio 1.12 1.09 Net Debt / Equity Ratio 0.60 0.59
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27 Q2 / H1 FY26 Cash Flow – As Reported Q2 FY25 Q1 FY26 Q2 FY26 ₹ Billion H1 FY25 H1 FY26 72.3 72.6 76.0 Operating Profit 136.9 148.6 31.8 11.6 2.0 Changes in Working Capital [(Inc)/Dec] (22.8) 13.6 (14.4) (13.8) (15.5) Direct Taxes (Paid) / Refund [Net] (28.0) (29.3) 89.7 70.3 62.4 Net Cash from / (used in) Operations before financing activities 86.1 132.8 (48.8) (39.9) (54.8) Loan towards financing activities (83.7) (94.6) 40.8 30.5 7.7 Net Cash from / (used in) Operations (A) 2.5 38.2 (9.0) (13.2) (11.1) Net Investment in Fixed Assets (incl. Intangible & Investment Property) (14.1) (24.3) 0.7 (13.7) (10.0) Net (Purchase) / Sale of Long Term investments & Business Undertaking 10.0 (23.7) (36.7) 40.0 3.5 Net (Purchase) / Sale of Current investments (50.7) 43.5 (2.8) 0.0 (0.3) Loans/Deposits made with JV/Associate Cos. / Third Party (2.8) (0.3) 5.0 7.5 7.9 Interest & Dividend Received 10.7 15.4 (42.8) 20.6 (10.1) Net Cash from /(used in) Investing Activities (B) (46.9) 10.6 (0.9) (7.3) 0.2 Issue of Share Capital / Payment of Dividend to NCI (9.4) (7.0) 49.5 4.3 (6.1) Net Borrowings 97.6 (1.8) (44.3) (61.2) (4.9) Interest & Dividend paid (61.7) (66.1) 4.2 (64.1) (10.7) Net Cash from / (used in) Financing Activities (C) 26.6 (74.9) 2.2 (20.1) (13.1) Net (Dec) / Inc in Cash & Bank (A+B+C) (17.8) (26.1)
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28 Memorandum Q2 / H1 FY26 Cash Flow excl Financial Services Q2 FY25 Q1 FY26 Q2 FY26 ₹ Billion H1 FY25 H1 FY26 57.7 59.3 61.4 Operating Profit 108.6 120.7 32.5 10.6 (1.0) Changes in Working Capital [(Inc)/Dec] (25.8) 9.5 (12.4) (12.3) (13.3) Direct Taxes (Paid) / Refund [Net] (23.9) (25.6) 1.1 0.5 0.6 Loan towards financing activities 2.2 1.1 78.9 58.1 47.6 Net Cash from / (used in) Operations (A) 61.1 105.7 (8.5) (12.9) (10.6) Net Investment in Fixed Assets (incl. Intangible & Investment Property) (13.3) (23.5) (1.2) (11.1) (11.4) Net (Purchase) / Sale of Long Term investments & Business Undertaking 4.0 (22.5) (13.3) 2.7 20.0 Net (Purchase) / Sale of Current Investments (13.7) 22.8 (2.8) 0.0 (0.3) Loans/Deposits made with JV/Associate Cos. / Third Party (2.8) (0.3) 5.0 9.8 6.3 Interest & Dividend Received 13.8 16.2 (20.8) (11.4) 4.1 Net Cash from /(used in) Investing Activities (B) (12.0) (7.4) (1.3) (5.2) 0.0 Issue of Share Capital / Payment of Dividend to NCI (5.3) (5.2) 3.1 1.0 (46.3) Net Borrowings 13.3 (45.3) (44.3) (61.2) (4.9) Interest & Dividend paid (61.7) (66.1) (42.5) (65.5) (51.1) Net Cash from / (used in) Financing Activities (C) (53.7) (116.6) 15.6 (18.8) 0.5 Net (Dec) / Inc in Cash & Bank (A+B+C) (4.5) (18.3)
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Segment Details – Q2 FY26 *Finance cost and tax provisions of parent company are reflected under Corporate **For Financial Services EBITDA is PBDT ₹ 100 crore = ₹ 1 bn #includes eliminations 29 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure Projects Segment 31954 1926 6.0% 31759 1994 6.3% Energy Projects Segment 8869 789 8.9% 13082 959 7.3% Hi-Tech Manufacturing Segment 2063 265 12.8% 2754 404 14.7% Others Segment 1648 413 25.1% 1416 443 31.3% Total (Projects & Manufacturing) 44533 3393 7.6% 49010 3801 7.8% IT & Technology Services Segment 11798 2482 21.0% 13274 2676 20.2% Financial Services Segment 3837 973 25.4% 4166 1040 25.0% Developmental Projects Segment 1387 203 14.6% 1533 167 10.9% Total (Services & Concessions) 17021 3658 21.5% 18973 3883 20.5% Total 61555 7051 11.5% 67984 7684 11.3% Q2 FY25 Q2 FY26 Segment (₹ Crore) Particulars IT&TS Financial Services** Dev. Projects Projects & Manufacturing* Corporate# Total EBITDA 2676 1040 167 3801 507 8191 Depreciation (465) (51) (80) (522) 27 (1092) Segment Result 2211 989 87 3279 533 7099 Finance Cost & Tax Expense (694) (254) (236) (266) (961) (2412) Non-controlling interest (492) (248) - (15) 3 (752) Share in profit/(loss) of JV and associate (9) - - (0) - (9) PAT 1016 487 (149) 2997 (425) 3926 EBITDA to PAT (Q2 FY26)
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Segment Details – H1 FY26 *Finance cost and tax provisions of parent company are reflected under Corporate **For Financial Services EBITDA is PBDT ₹ 100 crore = ₹ 1 bn #includes eliminations 30 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure Projects Segment 58862 3479 5.9% 60516 3621 6.0% Energy Projects Segment 17361 1540 8.9% 25545 1884 7.4% Hi-Tech Manufacturing Segment 3909 585 15.0% 5981 891 14.9% Others Segment 3022 734 24.3% 2808 902 32.1% Total (Projects & Manufacturing) 83154 6338 7.6% 94850 7298 7.7% IT & Technology Services Segment 23303 4782 20.5% 25893 5138 19.8% Financial Services Segment 7501 1924 25.6% 8137 2024 24.9% Developmental Projects Segment 2717 418 15.4% 2781 379 13.6% Total (Services & Concessions) 33520 7124 21.3% 36812 7541 20.5% Total 116674 13463 11.5% 131662 14838 11.3% Particulars IT&TS Financial Services** Dev. Projects Projects & Manufacturing* Corporate# Total EBITDA 5138 2024 379 7298 1027 15865 Depreciation (882) (92) (160) (1039) 47 (2125) Segment Result 4256 1932 219 6259 1074 13740 Finance Cost & Tax Expense (1366) (496) (479) (456) (1930) (4727) Non-controlling interest (956) (485) - (17) 5 (1453) Share in profit/(loss) of JV and associate (21) - (0) 5 - (16) PAT 1913 951 (260) 5791 (851) 7543 EBITDA to PAT (H1 FY26) Segment (₹ Crore) H1 FY25 H1 FY26
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31 Breakup of Energy and Hi-Tech Manufacturing Segment Hi-Tech Manufacturing Segment Energy Segment Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 77.6 381.6 >100% Energy Segment 165.5 695.8 >100% 75.6 377.9 >100% Hydrocarbon 160.9 462.0 >100% 2.0 3.7 81% CarbonLite Solutions 4.6 233.7 >100% 88.7 130.8 48% Energy Segment 173.6 255.5 47% 82.4 123.0 49% Hydrocarbon 162.1 242.8 50% 6.3 7.8 24% CarbonLite Solutions 11.5 12.7 10% 8.9% 7.3% - 160 bps Energy Segment 8.9% 7.4% -150 bps 9.0% 6.6% - 230bps Hydrocarbon 8.7% 7.0% -170 bps 8.7% 19.0% 1030 bps CarbonLite Solutions 11.4% 15.9% 440 bps Order Inflow Revenue EBITDA Margin Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 39.2 25.8 -34% Hi-Tech Manufacturing 76.0 44.7 -41% 17.0 16.3 -4% Heavy Engineering 23.4 22.0 -6% 22.2 9.5 -57% Precision Engineering & Systems 52.6 22.7 -57% 20.6 27.5 33% Hi-Tech Manufacturing 39.1 59.8 53% 7.0 10.6 51% Heavy Engineering 14.5 22.2 53% 13.6 16.9 24% Precision Engineering & Systems 24.6 37.6 53% 12.8% 14.7% 180 bps Hi-Tech Manufacturing 15.0% 14.9% -10 bps 12.6% 25.3% 1270 bps Heavy Engineering 15.7% 24.8% 910 bps 13.6% 8.3% -530 bps Precision Engineering & Systems 15.2% 9.3% -590 bps Revenue EBITDA Margin Order Inflow
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32 Breakup of Development Projects and Others Segment Development Projects Others Segment * CE & IPDD and residual portion of Smart World & Communications Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 13.9 15.3 10% Development Projects 27.2 27.8 2% 2.3 2.6 11% Hyderabad Metro 4.6 4.9 7% 11.5 12.7 11% Nabha Power 22.5 22.8 1% 14.6% 10.9% -370 bps Development Projects 15.4% 13.6% -180 bps 47.4% 53.5% 610 bps Hyderabad Metro 46.2% 50.9% 470 bps 9.0% 3.0% -600 bps Nabha Power 10.1% 6.5% -360 bps Revenue EBITDA Margin Q2 FY25 Q2 FY26 Y-o-Y ₹ Bn H1 FY25 H1 FY26 Y-o-Y 18.3 33.9 85% Others Segment 37.5 56.8 52% 8.0 14.7 85% Realty 18.3 24.6 34% 10.3 19.2 86% Other Businesses* 19.2 32.2 68% 16.5 14.2 -14% Others Segment 30.2 28.1 -7% 6.8 3.9 -42% Realty 9.4 8.5 -9% 9.7 10.2 6% Other Businesses* 20.8 19.6 -6% 25.1% 31.3% 620 bps Others Segment 24.3% 32.1% 780 bps 37.1% 67.6% 3050 bps Realty 42.4% 57.5% 1510 bps 16.6% 17.3% 70 bps Other Businesses* 16.1% 21.0% 490 bps EBITDA Margin Order Inflow Revenue Note: Development Projects includes Green Energy whose revenues are currently not significant
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33 Order Inflow and Order Book Details (Amount in ₹ crore) Q2 FY25 % Int Q2 FY26 % Int H1 FY25 % Int H1 FY26 % Int 30-Sep-24 % Int 30-Sep-25 % Int Infrastructure Projects 49522 63% 52686 48% 89575 57% 93710 57% 342954 32% 394706 43% Energy Projects 7757 83% 38156 98% 16549 50% 69576 65% 117144 77% 214496 71% Hi-Tech Manufacturing 3920 37% 2582 18% 7597 23% 4471 32% 35611 10% 39064 11% Others 1828 6% 3389 4% 3746 6% 5676 4% 14684 8% 18774 7% Projects & Manufacturing 63027 62% 96813 65% 117467 52% 173434 58% 510392 40% 667041 49% IT & Technology Services 11798 93% 13274 92% 23303 92% 25893 92% Financial Services 3837 - 4166 - 7501 - 8137 - Development Projects 1384 - 1531 - 2711 - 2773 - 10 84% 6 51% Services 17018 64% 18972 64% 33514 64% 36804 64% 510402 40% 667047 49% Total 80045 63% 115784 65% 150982 55% 210237 59% Order BookOrder Inflow
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34 Share in Profit/(Loss) of JVs/Associates ** Other JVs/Associates of Hi-Tech Manufacturing and IT&TS Segment Q2 FY25 Q2 FY26 ₹ Bn H1 FY25 H1 FY26 0.03 0.22 L&T CarbonLite Solutions JVs (0.02) 0.33 (0.18) (0.24) L&T Hydrocarbon JVs (0.08) (0.29) 0.01 (0.07) Others** 0.01 (0.20) (0.14) (0.09) Total (0.09) (0.16)