For the first half of FY 2026-27, consolidated revenue increased 11% y-o-y to Rs 1,46,692 crore, with international revenue contributing Rs 80,263 crore, or 55% of the total. Consolidated profit after tax (PAT) rose 33% y-o-y to Rs 5,202 crore in Q2 FY27 and 24% to Rs 9,325 crore for the half-year.
L&T secured orders worth Rs 1,47,665 crore during the quarter, a 28% increase over the corresponding period last year. Major orders came from its Hydrocarbon – Offshore & Onshore, CarbonLite Solutions, Public Spaces & Airports, and Power Transmission & Distribution businesses. International orders accounted for Rs 92,375 crore, or 63% of quarterly order inflow.
For the first half of FY27, the company secured orders worth Rs 2,55,678 crore, registering 22% y-o-y growth. International orders totalled Rs 1,53,077 crore, representing 60% of the inflow. The consolidated order book stood at Rs 8,53,514 crore as of September 30, 2026, up 15% from March 2026, with international orders accounting for 54%.
Commenting on the results, S N Subrahmanyan, Chairman and Managing Director of L&T, said the company had achieved a record quarterly order inflow despite a changing geopolitical environment. He attributed the performance to customer confidence, execution across its businesses and its ability to secure large, complex orders across sectors and geographies. The record order book, he said, provides multi-year revenue visibility, while the company will continue to invest in innovation, digital capabilities and technology-led businesses.
The Infrastructure & Utilities segment recorded order inflow of Rs 35,509 crore during the quarter, down 13% y-o-y due to the deferment of select targeted orders. Its order book stood at Rs 3,61,368 crore. Customer revenue grew 6% to Rs 25,133 crore, supported by improved execution in domestic private-sector and international projects. The segment's EBITDA margin declined to 5.7% from 6.2% a year earlier, mainly due to cost pressures and changes in sales mix.
The Energy – Conventional segment recorded order inflow of Rs 78,413 crore, more than doubling from the corresponding quarter last year. Growth was driven by high-value orders in the Hydrocarbon – Offshore & Onshore and CarbonLite Solutions businesses. The segment's order book stood at Rs 2,86,888 crore, while customer revenue rose 29% to Rs 17,285 crore. Its EBITDA margin declined to 7.4% from 8.2%, primarily due to a higher proportion of CarbonLite Solutions orders being in the early stages of execution.
The Energy – Green segment secured orders worth Rs 6,558 crore, down 45% y-o-y due to deferrals in the solar business. Its order book stood at Rs 1,43,597 crore, with international orders accounting for 97%. Customer revenue increased 43% to Rs 11,493 crore, supported by higher execution in solar projects and the commencement of offshore wind projects. The EBITDA margin was 6.0%, compared with 6.2% in the year-ago quarter.
The Manufacturing & Products segment reported order inflow of Rs 5,778 crore, up 34% y-o-y, primarily driven by export orders in the Precision Engineering & Systems business. Its order book stood at Rs 42,881 crore, while customer revenue rose 34% to Rs 4,480 crore. The EBITDA margin improved to 15.7% from 13.5%, reflecting a more favourable project execution profile.
The Technology, Platforms & Services segment recorded customer revenue of Rs 14,826 crore, up 11% y-o-y, supported by continued client spending across the IT and technology services sector. International billing accounted for 92% of revenue. The EBITDA margin stood at 19.5%, compared with 20.0% a year earlier, due to higher manpower costs and adverse foreign exchange movements.
The Financial Services segment reported operating income of Rs 5,307 crore, up 27% y-o-y, driven primarily by higher retail disbursements. Its loan book grew 12% from March 2026 to Rs 1,36,635 crore, with retail loans accounting for 99%. Profit before tax increased to Rs 1,319 crore from Rs 989 crore in the corresponding quarter last year, supported by loan book growth, stable asset quality and higher net interest margin and fee income.
The Realty segment recorded order inflow of Rs 1,292 crore, down 12% y-o-y due to lower pre-sales amid delays in some new launches. Its order book stood at Rs 18,400 crore. Customer revenue declined 43% to Rs 225 crore, primarily due to fewer residential unit handovers. The EBITDA margin fell to 54.3% from 67.6%.
The Development Projects segment reported no revenue during the quarter and an EBIT loss of Rs 16 crore, as its green energy business remained in the investment phase. The segment's performance reflects the operations of Nabha Power until its divestment on June 25, 2026, Hyderabad Metro until April 30, 2026, and the green energy business.
In its outlook, L&T noted that India's economy maintained growth momentum in the first half of FY27, supported by domestic demand, capital expenditure and the services sector. However, inflation, elevated energy costs, geopolitical conflicts, trade uncertainties and climate-related risks continue to pose challenges for commodity prices and supply chains.
The company expects India to remain among the fastest-growing major economies, supported by domestic demand, private investment and infrastructure spending. It also highlighted global investment in AI data centres, infrastructure, energy transition, technology and industrial capacity as areas supporting the economic outlook, while noting downside risks from the Middle East.
L&T said it would continue to focus on operational excellence and technology adoption to improve productivity and competitiveness, while leveraging its capabilities to navigate market uncertainties and support long-term growth.
