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Earnings Call Presentation Q2 / H1 FY27 27th October, 2026 Representative Image Representative Image
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Disclaimer 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. 2
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 01 Key Highlights Fabrication at Sohar Yard (Oman) of Riser Platform for North Oil Company’s Ruya Development (Qatar) Project 3
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES ORDER INFLOW ₹ 1477 bn 28% YoY Growth New quarterly record ORDER BOOK ₹ 8535 bn REVENUE ₹ 787 bn PROFIT AFTER TAX NWC% TO REVENUE 1.7% RETURN ON EQUITY 16.7%* ₹ 52 bn 16% YoY Growth 28% YoY Growth 33% YoY Growth 850 bps YoY improvement A Record Low EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES * Includes 100 bps impact of Labour Code provision recognised in Q3 FY26 A Record Quarter amidst Volatility 4
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Key Financial Indicators EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES In ₹ bn * Includes 100 bps impact of Labour Code provision recognised in Q3 FY26 5 Q2 FY26 Q2 FY27 % Var Particulars H1 FY26 H1 FY27 % Var 1158 1477 28% Order Inflow 2102 2557 22% Order Book 6670 8535 28% 680 787 16% Revenue 1317 1467 11% 10.0% 8.7% EBITDA % 10.0% 8.8% 39 52 33% Reported PAT 75 93 24% Key Ratios As on Sep'25 As on Sep'26 Net Working Capital 10.2% 1.7% ROE (TTM) (%) 17.2% 16.7%* Q2 FY26 Q2 FY27 % Var Cash Flow Metrics H1 FY26 H1 FY27 % Var 48 128 170% Cash flow from Operations (excl Financial Services business) 106 180 70%
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 02 Group Performance Analysis 6 Patna Medical College and Hospital (PMCH) – Set to become India’s largest and world’s second largest hospital by bed capacity
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Q2 / H1 FY27 Order Inflow / Order Book • Highest ever quarterly order inflow led by receipt of Ultra Mega and Mega orders in the Energy-Conventional segment • International orders constitute 54% of the Order Book • Strong addressable prospects pipeline of ~ Rs 10 trillion for the near term 7 In ₹ bn z 402 553 756 924 Q2 FY26 Q2 FY27 1477 1158 Domestic International H1 FY26 H1 FY27 860 1026 1242 1531 Order Inflow Order Book 22% 3402 3268 30-Sep-25 30-Sep-26 6670 28% 3912 4623 8535 28% 2557 2102
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Group P&L Construct: Revenue to EBITDA Remarks for the Quarter • Revenue Growth reflective of strong progress in Energy (Conventional + Green), Manufacturing & Products and Financial Services • MCO Expense Reflective of increased activity levels , higher share of PP&M revenue and increased costs • Staff Costs Driven by resource augmentation and salary increments across businesses • SG&A Increase in SG&A cost mainly due to adverse forex variation in LTM & LTTS and higher credit cost in FS • EBITDA Margin Primarily impacted due to lower margin across portfolio and change in revenue mix (higher share of PP&M) * Manufacturing, Construction and Operating expenses **Finance cost of financial services business and finance lease activity 8 Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 679.8 787.5 16% Revenue 1316.6 1466.9 11% 56% 58% International Rev. 54% 55% 435.9 522.7 20% MCO Exp.* 838.2 939.7 12% 17.1 19.7 15% Fin. Charge Opex** 34.1 40.0 17% 129.9 142.5 10% Staff Costs 256.2 282.9 10% 29.0 34.2 18% Sales & Admin. 56.8 74.7 31% 611.8 719.1 18% Total Opex 1185.4 1337.3 13% 68.1 68.4 1% EBITDA 131.2 129.6 -1% 10.0% 8.7% EBITDA % 10.0% 8.8%
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Group P&L Construct: EBITDA to PAT Remarks for the Quarter • Finance Cost Reduction primarily due to non-consolidation of Hyderabad Metro and decrease in Standalone debt • Other Income Supported by higher group surplus funds & improved yields and one-time gain on divestment of SWC business in LTTS • Depreciation Decline due to non-consolidation of Hyderabad Metro 9 Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 68.1 68.4 1% EBITDA 131.2 129.6 -1% (7.6) (4.7) -38% Finance Cost (15.4) (10.1) -34% (10.9) (10.4) -5% Depreciation (21.3) (20.7) -3% 13.8 23.1 67% Other Income 27.4 46.8 71% (16.5) (17.3) 5% Tax Expense (31.8) (36.7) 15% (0.1) 0.3 JV/Associates PAT Share (0.2) 0.4 (7.5) (7.5) -1% Non-controlling Int. (14.5) (16.1) 11% 39.3 52.0 33% Reported PAT 75.4 93.2 24% • Profit After Tax Growth mainly due to strong pickup in activity levels in PP&M and improved treasury operations
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 03 Segment Performance Analysis Heavy Wall Vessels for a client in USA 10
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Current Segment Composition Buildings & Factories Transportation Infra Heavy Civil Water Effluent & Treatment Power T&D Metals & Minerals Heavy Engineering Precision Engineering & Systems CE & IPDD LTTS Data Center LTM 1 4 5 6 CarbonLite Solutions Hydrocarbon 2 Electronics Semiconductor Digital Platforms Projects, Products & Manufacturing (PPM) = 1 + 2 + 3 + 4 Green Assets Hydrogen / Ammonia 8 Electrolyser Manufacturing 7 3 Renewables - Solar Renewables – Onshore & Offshore Wind Infrastructure & Utilities Financial Services Manufacturing & Products Technology, Platforms & Services Energy - Conventional Development Projects Realty Energy - Green New business 11 Nabha Power* Hyderabad Metro# *Divested w.e.f 25-Jun-2026 # Held for Sale EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 11 MRU
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Order Inflow Composition – Q2 / H1 FY27 24% 53% 4% 4% 14% Q2 FY27: ₹ 1477 Bn H1 FY27: ₹ 2557 Bn 12 Geography Segment Infrastructure & Utilities Energy - Conventional Energy - Green Manufacturing & products Services 37% 51% 9% 3% 31% 32% 15% 4% 17% India Middle East USA & Europe Rest of the World 40% 34% 23% 3%
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Order Book as on 30-Sep-2026 Segment Geography As on 30-Sep-26 : ₹ 8535 Bn 42% 34% 17% 5% 2% Infrastructure & Utilities Energy - Conventional Energy - Green Manufacturing & products Services 13 46% 40% 7% 7% India Middle East USA & Europe ROW
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Revenue Composition – Q2 / H1 FY27 32% 22%15% 6% 26% Q2 FY27: ₹ 787 Bn H1 FY27: ₹ 1467 Bn 14 Geography Segment Infrastructure & Utilities Energy - Conventional Energy - Green Manufacturing & products Services 32% 22%12% 6% 29% India Middle East USA & Europe Rest of the World 42% 36% 18% 4% 45% 32% 18% 4%
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES INFRASTRUCTURE & UTILITIES • Lower order inflows post a robust Q1 • Improving execution momentum across domestic private sector and international jobs aids revenue growth • Margin impacted by continuing cost pressures in WET projects and higher proportion of jobs below margin recognition threshold 15 QUARTERLY REVENUE (₹ Bn) Domestic International HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN - 50 bps Domestic International Remarks for the quarter 165.1 176.2 72.0 75.1 237.2 251.3 Q2FY26 Q2FY27 +6% YoY 331.5 338.1 129.9 131.8 461.4 469.9 H1FY26 H1FY27 +2% YoY 6.2% 5.7% Q2FY26 Q2FY27 5.9% 5.4% H1FY26 H1FY27 - 50 bps
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES ENERGY - CONVENTIONAL • Receipt of Ultra Mega and Mega orders in Hydrocarbon and CarbonLite Solutions buoys order book • Revenue growth reflective of a growing order book and execution progress in off-site locations in the Hydrocarbon business • Margin reflective of jobs in early stages in CarbonLite Solutions; PY margin included variation claims in CarbonLite Solutions and MRU business 16 Remarks for the quarter QUARTERLY REVENUE (₹ Bn) Domestic International HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN - 80 bps Domestic International 29.2 41.4 105.2 131.5 134.5 172.9 Q2FY26 Q2FY27 +29% YoY 66.6 88.1 197.7 229.8 264.3 317.9 H1FY26 H1FY27 +20% YoY 8.2% 7.4% Q2FY26 Q2FY27 8.0% 7.6% H1FY26 H1FY27 - 40 bps Note: The Modification, Revamp & Upgrade of Process Plants business has been reclassified to Energy –Conventional segment from Manufacturing & Products segment. The previous year numbers have been restated
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES ENERGY - GREEN • Decline in order inflows mainly due to deferrals in the Solar business • Strong growth in revenue with commencement of large value projects in Solar and Offshore Wind business • Margin largely stable 17 Remarks for the quarter QUARTERLY REVENUE (₹ Bn) Domestic International HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN - 20 bps Domestic International 3.9 7.1 76.6 107.9 80.4 114.9 Q2FY26 Q2FY27 +43% YoY 9.0 14.6 134.8 156.4 143.8 171.0 H1FY26 H1FY27 +19% YoY 6.2% 6.0% Q2FY26 Q2FY27 6.2% 6.0% H1FY26 H1FY27 - 20 bps
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES MANUFACTURING & PRODUCTS • Strong growth in order inflows aided by receipt of export orders in Precision Engineering & Systems business • Segment revenue growth reflective of strong execution momentum in the Precision Engineering & Systems business • Margin improvement primarily reflective of execution cost savings and improved job mix The Precision Engineering & Systems business does not manufacture explosives and ammunition of any kind related to cluster munitions, anti-personnel landmines, nuclear weapons and components for all such munitions. The business also does not customise any delivery systems for all such munitions 18 Remarks for the quarter QUARTERLY REVENUE (₹ Bn) Domestic International HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN 220 bps Domestic International 26.8 36.8 6.8 8.033.5 44.8 Q2FY26 Q2FY27 +34% YoY 56.9 73.1 12.5 13.969.4 87.0 H1FY26 H1FY27 +25% YoY 13.5% 15.7% Q2FY26 Q2FY27 - 50 bps 15.8% 15.3% H1FY26 H1FY27
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES TECHNOLOGY , PLATFORMS & SERVICES *Others mainly include revenue from Semiconductor Design business, Data Center, Digital Platforms 19 QUARTERLY REVENUE (₹ Bn) HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN -50 bps -50 bps LTM LTTS Others* LTM LTTS Others* 103.4 117.5 29.2 30.10.7 0.7133.3 148.3 Q2FY26 Q2FY27 +11% YoY 201.2 233.1 57.3 59.81.5 1.6260.1 294.5 H1FY26 H1FY27 +13% YoY 19.8% 19.3% H1FY26 H1FY27 20.0% 19.5% Q2FY26 Q2FY27 Remarks for the quarter • LTM revenue growth was broad based across businesses • LTTS revenue growth was led by Sustainability and Mobility segments • Segment margin moderated due to pricing pressure in traditional services and forex variation in LTM, partly offset by one-time gain on SWC divestment in LTTS
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES FINANCIAL SERVICES • Robust growth in retail disbursements; improving collection efficiency and asset quality • Provision Coverage Ratio (PCR) @ 70% • RoA @ 2.60% for Q2 FY27; CRAR @ 18.67% 20 Q2 FY26 Q2 FY27 % Var ₹ Billion H1 FY26 H1 FY27 % Var 41.7 53.1 27% Income from Operations 81.4 103.5 27% 7.3 9.8 33% PAT 14.4 18.8 31% 4.9 6.4 32% PAT (Net of NCI) accruing to the group 9.5 12.4 30% Book 1071.0 1366.4 28% Debt 977.5 1233.1 26% Retail Book % 98% 99% Remarks for the quarter
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES REAL TY • Decline in order inflows mainly due to lower pre-sales on account of launch deferrals • Revenue and margin primarily reflective of lower handover of residential units and sales mix 21 Remarks for the quarter QUARTERLY REVENUE (₹ Bn) HALF -YEAR REVENUE (₹ Bn) EBITDA MARGIN - 1340 bps 3.9 2.2 Q2FY26 Q2FY27 -43% YoY 67.6% 54.3% Q2FY26 Q2FY27 57.5% 40.0% H1FY26 H1FY27 - 1750 bps +45% YoY 8.5 12.3 Q2FY26 Q2FY27
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Return Ratios – Projects, Products & Manufacturing (PP&M)* portfolio Growth over FY23 77% 68% - 23 % is with respect to previous year Note: All the numbers are as per published results *PP&M includes Infrastructure & Utilities, Energy - Conventional, Energy – Green and Manufacturing & Products segments 22 22 (Amount in ₹ crore) Particulars FY23 FY24 FY25 FY26 TTM Sep'25 TTM Sep'26 Gross Segment Revenue (P&M) 124046 156681 186750 209328 198601 220032 Y-o-Y% 13% 26% 19% 12% 11% Segment Result (PBIT) 8685 10098 12283 14099 13150 14557 Y-o-Y% -2% 16% 22% 15% 11% Segment Funds Employed 32890 32531 30965 24620 32852 25410 Y-o-Y% -16% -1% -5% -20% -23% Segment Result/ Segment Funds Employed 26.4% 31.0% 39.7% 57.3% 40.0% 57.3% Corresponding EBITDA Margin 8.2% 7.7% 7.8% 7.8% 7.7% 7.7%
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Return Ratios - Group # Post inter-segment eliminationsis with respect to FY23 Note: All the numbers are as per published results. The numbers for previous years have been regrouped as per the new segment definitions 23 23 (Amount in ₹ crore) H1 FY27 TTM PP&M Realty TPS FS DP Corporate Total Gross Revenue 220032 3644 57631 19495 3410 0 301117 Segment Result (PBIT) 14557 1237 9158 4655 429 2346 32382 Segment Funds Employed 25410 7128 41983 27322 15119 43158 160121 H1 FY27 TTM 57.3% 17.4% 21.8% 17.0% 2.8% 5.4% 20.2% H1 FY26 TTM 40.0% 19.6% 20.3% 14.4% 3.6% 5.7% 18.9% FY26 57.3% 18.2% 21.8% 15.4% 2.9% 5.3% 19.8% FY25 39.7% 19.3% 19.9% 14.6% 3.9% 3.4% 17.7% FY24 31.0% 17.0% 22.5% 14.0% 5.3% 5.1% 17.5% FY23 26.4% 11.1% 23.7% 11.4% 2.0% 3.7% 14.9% Segment Result / Segment Funds Employed #
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Note: Tailwinds and headwinds are illustrative themes for discussion. Resilient Portfolio; Disciplined Growth Operational Excellence Efficient & Profitable Execution Diversified Order Book Healthy Balance Sheet Consistent Dividend Payout Strategic Focus Areas Robust Order Inflow Value Monetisation A Robust Balance Sheet Global Scale and Diversification Creating Growth Drivers for Future Disciplined Value Creation Electronics, Semiconductor Design Strong Cash Conversion Balance Sheet Discipline Prudent Capital Allocation Data Centers Green Hydrogen EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Global Client Franchise & Tech Alliances Backlog - multi-year visibility Consistent Execution Focus on growth & returns In Line With Megatrends Strategic Portfolio Realignment 24
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Thank You Investor Relations: Vivek Laha (Vivek.Laha@larsentoubro.com) Shalmali Dange (Shalmali.Dange@larsentoubro.com) 25
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 26 Balance Sheet ₹ Billion Mar-26 Sep-26 Incr / (Decr) Equity & Reserves 1093 1130 37 Non-Controlling Interest 192 202 10 Borrowings - Financial Services 1098 1233 134 Others 119 130 11 Sources of Funds 2502 2695 193 Fixed Assets (incl Investment Property) 198 206 8 Intangible Assets (incl ROU assets) 144 146 2 Loans towards Financing Activities 1178 1322 144 Net Non-Current Assets 193 192 -1 Current Investments, Cash & Cash Equivalents 804 974 171 Net Current Assets -59 -151 -92 Assets held for Sale (net) 45 6 -39 Application of Funds 2502 2695 193 Gross Debt / Equity Ratio 0.95 1.02 Net Debt / Equity Ratio 0.35 0.33
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES 27 Cash & Cash Equivalents and Current Investments Breakup ₹ Billion Mar-26 Sep-26 Standalone 372 455 LTM & LTTS 178 187 L&T Finance 134 135 Other Subsidiaries 120 197 L&T Group 804 974
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Q2 / H1 FY27 Cash Flow – As Reported 28 Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 76.6 77.8 80.4 Operating Profit 148.6 158.2 1.4 5.6 85.0 Changes in Working Capital [(Inc)/Dec] 13.6 90.6 (15.5) (12.5) (20.2) Direct Taxes (Paid) / Refund [Net] (29.3) (32.7) 62.4 70.9 145.2 Net Cash from / (used in) Operations before financing activities 132.8 216.1 (54.8) (83.1) (75.5) Loan towards financing activities (94.6) (158.6) 7.7 (12.2) 69.7 Net Cash from / (used in) Operations (A) 38.2 57.5 (11.1) (9.6) (14.7) Net Investment in Fixed Assets (incl. Intangible & Investment Property) (24.3) (24.3) (9.6) 35.8 6.8 Net (Purchase) / Sale of Long Term investments & Business Undertaking (23.7) 42.6 3.1 (71.8) (95.8) Net (Purchase) / Sale of Current investments 43.5 (167.6) (0.3) 1.5 0.7 Loans/Deposits made with JV/Associate Cos. / Third Party (0.3) 2.2 7.9 10.4 10.7 Interest & Dividend Received 15.4 21.1 (10.1) (33.7) (92.3) Net Cash from /(used in) Investing Activities (B) 10.6 (126.0) 0.2 (8.6) (7.0) Issue of Share Capital / Payment of Dividend to NCI (7.0) (15.7) (6.1) 84.1 59.1 Net Borrowings (1.8) 143.2 (4.9) (63.8) (2.3) Interest & Dividend paid (66.1) (66.1) (10.7) 11.6 49.8 Net Cash from / (used in) Financing Activities (C) (74.9) 61.5 - (13.1) (34.2) 27.2 Net (Dec) / Inc in Cash & Cash Equivalents (A+B+C) (26.1) (7.0)
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Memorandum Q2 / H1 FY27 Cash Flow – Excluding Financial Services 29 Q2 FY26 Q1 FY27 Q2 FY27 ₹ Billion H1 FY26 H1 FY27 61.9 59.3 60.4 Operating Profit 120.7 119.7 (1.6) 4.2 82.9 Changes in Working Capital [(Inc)/Dec] 9.5 87.2 (13.3) (12.6) (15.0) Direct Taxes (Paid) / Refund [Net] (25.6) (27.5) 0.6 0.6 0.0 Loan towards financing activities 1.1 0.6 47.6 51.5 128.4 Net Cash from / (used in) Operations (A) 105.7 179.9 (10.6) (9.1) (13.7) Net Investment in Fixed Assets (incl. Intangible & Investment Property) (23.5) (22.9) (11.1) 29.6 4.2 Net (Purchase) / Sale of Long Term investments & Business Undertaking (22.5) 33.8 19.7 (63.9) (95.0) Net (Purchase) / Sale of Current Investments 22.8 (158.9) (0.3) 1.5 0.7 Loans/Deposits made with JV/Associate Cos. / Third Party (0.3) 2.2 6.3 12.8 9.1 Interest & Dividend Received 16.2 21.9 4.1 (29.2) (94.7) Net Cash from /(used in) Investing Activities (B) (7.4) (123.9) 0.0 (6.1) (7.0) Issue of Share Capital / Payment of Dividend to NCI (5.2) (13.2) (46.3) 29.3 (19.0) Net Borrowings (45.3) 10.3 (4.9) (63.8) (2.3) Interest & Dividend paid (66.1) (66.1) (51.1) (40.6) (28.3) Net Cash from / (used in) Financing Activities (C) (116.6) (68.9) 0.5 (18.3) 5.4 Net (Dec) / Inc in Cash & Cash Equivalents (A+B+C) (18.3) (12.9)
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Segment Details – Q2 FY27 *Finance cost and tax provisions of parent company are reflected under Corporate#includes eliminations 30 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure & Utilities 23717 1482 6.2% 25133 1426 5.7% Energy - Conventional 13448 1100 8.2% 17285 1284 7.4% Energy - Green 8042 501 6.2% 11493 688 6.0% Manufacturing & Products 3355 453 13.5% 4480 706 15.7% Total (Projects, Products & Manufacturing) 48562 3536 7.3% 58391 4104 7.0% Technology, Platforms & Services 13328 2672 20.0% 14826 2890 19.5% Financial Services 4166 1040 25.0% 5307 1391 26.2% Realty 394 267 67.6% 225 122 54.3% Development Projects 1533 167 10.9% - (12) Total (Services & Concessions) 19421 4145 21.3% 20359 4391 21.6% Total 67984 7682 11.3% 78750 8495 10.8% Q2 FY26 Q2 FY27 Segment (₹ Crore) Particulars Technology, Platforms & Services Financial Services Realty Development Projects Projects, Products & Manufacturing* Corporate# Total EBITDA 2890 1391 122 (12) 4104 656 9151 Depreciation (448) (72) (25) (4) (523) 35 (1037) Segment Result 2443 1319 97 (16) 3581 691 8114 Finance Cost & Tax Expense (726) (346) (16) (4) (281) (826) (2199) Non-controlling interest (409) (329) - - (9) - (747) Share in profit/(loss) of JV and associate 12 - - - 22 - 34 PAT 1319 643 81 (19) 3313 (135) 5202 EBITDA to PAT (Q2 FY27)
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Segment Details – H1 FY27 *Finance cost and tax provisions of parent company are reflected under Corporate#includes eliminations 31 Net Revenue EBITDA EBITDA % Net Revenue EBITDA EBITDA % Infrastructure & Utilities 46139 2715 5.9% 46991 2540 5.4% Energy - Conventional 26429 2108 8.0% 31792 2416 7.6% Energy - Green 14378 886 6.2% 17100 1026 6.0% Manufacturing & Products 6941 1095 15.8% 8699 1332 15.3% Total (Projects, Products & Manufacturing) 93887 6804 7.2% 104582 7315 7.0% Technology, Platforms & Services 26006 5138 19.8% 29453 5694 19.3% Financial Services 8137 2024 24.9% 10349 2690 26.0% Realty 851 490 57.5% 1234 494 40.0% Development Projects 2781 379 13.6% 1074 115 10.7% Total (Services & Concessions) 37776 8031 21.3% 42110 8992 21.4% Total 131662 14835 11.3% 146692 16307 11.1% Segment (₹ Crore) H1 FY26 H1 FY27 Particulars Technology, Platforms & Services Financial Services Realty Development Projects Projects, Products & Manufacturing* Corporate# Total EBITDA 5694 2690 494 115 7315 1337 17644 Depreciation (897) (134) (51) (6) (1048) 67 (2069) Segment Result 4796 2555 444 109 6267 1404 15575 Finance Cost & Tax Expense (1452) (666) (49) (92) (479) (1940) (4677) Non-controlling interest (950) (650) - - (12) - (1612) Share in profit/(loss) of JV and associate 7 - - - 33 - 39 PAT 2401 1239 395 17 5809 (535) 9325 EBITDA to PAT (H1 FY27)
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Segment Breakup Manufacturing & Products Energy – Conventional 32 * “Others” includes CE&IPDD, Electronics and Electrolyser manufacturing business * “Others” mainly include Modification, Revamp and Upgradation business which was erstwhile reported under Heavy Engineering Q2 FY26 Q2 FY27 Y-o-Y ₹ Bn H1 FY26 H1 FY27 Y-o-Y 43.0 57.8 34% Manufacturing & Products 73.8 112.4 52% 14.4 11.0 -23% Heavy Engineering 19.0 43.0 >100% 7.5 31.8 >100% Precision Engineering & Systems 13.4 36.1 >100% 21.1 14.9 -29% Others* 41.4 33.2 -20% 33.5 44.8 34% Manufacturing & Products 69.4 87.0 25% 6.9 6.8 -2% Heavy Engineering 13.4 12.6 -6% 14.1 22.0 57% Precision Engineering & Systems 28.4 42.8 51% 12.5 15.9 27% Others* 27.7 31.6 14% 13.5% 15.7% 220 bps Manufacturing & Products 15.8% 15.3% -50 bps 20.0% 27.5% 750 bps Heavy Engineering 26.0% 26.9% 90 bps 9.8% 14.9% 510 bps Precision Engineering & Systems 12.4% 12.7% 30 bps 14.1% 11.8% -220 bps Others* 14.3% 14.3% -10 bps Revenue EBITDA Margin Order Inflow Q2 FY26 Q2 FY27 Y-o-Y ₹ Bn H1 FY26 H1 FY27 Y-o-Y 383.5 784.1 >100% Energy - Conventional Segment 698.8 815.4 17% 377.9 657.7 74% Hydrocarbon 462.0 683.3 48% 3.7 114.4 >100% CarbonLite Solutions 233.7 119.3 -49% 1.9 12.0 >100% Others* 3.0 12.8 >100% 134.5 172.9 29% Energy Segment 264.3 317.9 20% 123.0 150.6 22% Hydrocarbon 242.8 277.0 14% 7.8 20.2 >100% CarbonLite Solutions 12.7 36.3 >100% 3.7 2.0 -45% Others* 8.8 4.7 -47% 8.2% 7.4% -70 bps Energy Segment 8.0% 7.6% -40 bps 6.7% 7.5% 80 bps Hydrocarbon 7.0% 7.5% 50 bps 19.0% 5.8% -1310 bps CarbonLite Solutions 15.9% 6.7% -920 bps 34.0% 16.5% -1750 bps Others* 22.2% 18.5% -360 bps Order Inflow Revenue EBITDA Margin
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Order Inflow and Order Book Details (Amount in ₹ crore) Q2 FY26 % Int Q2 FY27 % Int H1 FY26 % Int H1 FY27 % Int 30-Sep-25 % Int 30-Sep-26 % Int Infrastructure & Utilities 40755 35% 35509 31% 60829 37% 79866 25% 311481 29% 361368 34% Energy - Conventional 38349 98% 78413 73% 69879 65% 81542 73% 210451 70% 286888 65% Energy - Green 11932 93% 6558 100% 32882 95% 39600 99% 88492 95% 143597 97% Manufacturing & Products 4303 10% 5778 68% 7383 21% 11238 64% 44112 11% 42881 25% Projects, Products & Manufacturing 95340 66% 126258 62% 170974 59% 212246 59% 654535 50% 834734 55% Technology, Platforms & Services 13278 92% 14807 92% 25897 92% 29419 92% 581 - 380 - Financial Services 4166 - 5307 - 8137 - 10349 - 0 - 0 - Realty 1469 1292 2456 2591 11924 - 18400 - Development Projects 1531 - 0 - 2773 - 1074 - 6 51% 0 - Services 20445 59% 21407 64% 39264 60% 43433 62% 12512 0% 18780 0% Total 115784 65% 147665 63% 210237 59% 255678 60% 667047 49% 853514 54% Order BookOrder Inflow 33
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Order Inflow Trend as per New Segment Composition (Amount in ₹ crore) Note: FY22-25 numbers are indicative FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 75988 105679 119786 120931 142471 Energy - Conventional 32273 31740 75442 83190 117679 Energy - Green 17526 11439 22803 57560 76729 Manufacturing & Products 15788 19105 16942 21596 13308 Projects, Products & Manufacturing 141576 167963 234973 283277 350186 Technology, Platforms & Services 33073 41458 44572 48091 53582 Financial Services 11971 12575 13109 15194 17283 Realty 2009 3508 4522 4683 9436 Development Projects 4368 5024 5637 5386 5103 Services 51421 62565 67839 73354 85404 Total 192997 230528 302812 356631 435590 Order Inflow 34
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EPC PROJECTS | MANUFACTURING & PRODUCTS | SERVICES Revenue Trend as per New Segment Composition (Amount in ₹ crore) Note: FY22-25 numbers are indicative FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Infrastructure & Utilities 72404 84871 94870 99677 99404 8.2% 7.3% 6.6% 6.5% 6.9% Energy - Conventional 23593 25693 30537 41753 55813 7.8% 9.6% 10.0% 8.7% 7.1% Energy - Green - 1847 17680 30220 35020 - -11.7% 4.1% 6.1% 6.9% Manufacturing & Products 9186 9633 11163 12711 16850 18.1% 16.3% 16.5% 18.4% 17.5% Projects, Products & Manufacturing 105182 122044 154251 184361 207088 9.0% 8.2% 7.7% 7.8% 7.8% Technology, Platforms & Services 33687 42092 45182 48152 53671 22.6% 20.2% 20.1% 19.4% 19.4% Financial Services 11971 12575 13109 15194 17283 13.1% 18.9% 24.0% 23.9% 24.5% Realty 1313 1605 2950 2640 2716 40.9% 39.7% 34.6% 48.4% 48.9% Development Projects 4368 5024 5621 5387 5117 2.3% 14.2% 23.7% 19.1% 16.8% Total 156521 183341 221113 255734 285874 12.3% 12.2% 11.9% 11.6% 11.5% Segment Revenue (in Rs crore) EBITDA % 35