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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Larsen & Toubro Limited engages in engineering, procurement, and construction projects (EPC) in India and internationally. The company operates through four segments: Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing, and Others. The Infrastructure Projects segment is involved in the engineering and construction of building and factories, transportation infrastructure, heavy civil infrastructure, power transmission & distribution, renewables, water and effluent treatment, and minerals and metals. The Energy Projects segment provides EPC solutions in clean energy space, oil & gas, refineries, petrochemicals & offshore wind energy sectors, from front-end design through detailed engineering, modular fabrication, procurement, project management, construction, installation and commissioning; CarbonLite solutions for power generation plants including power generation equipment with associated systems; and carbon capture utilization and utility packages. The Hi-Tech Manufacturing segment designs, manufactures/constructs, supplies, and revamps/retrofits custom designed engineered critical equipment and systems for the process plants, nuclear energy, and green hydrogen sectors; marine and land platforms, related equipment and systems, and aerospace products and systems; precision and electronics products and systems; and electrolysers. The other segment engages in realty; smart infrastructure and communication projects; construction equipment; and industrial product design development, including marketing and servicing of construction equipment, mining machinery and parts thereof, manufacture and sale of rubber processing machinery, and ecommerce/digital platforms and data centers. It has a strategic partnership with General Atomics Aeronautical Systems, Inc. to manufacture Medium Altitude Long Endurance (MALE) Remotely Piloted Aircraft Systems (RPAS) in India, for the Indian armed forces. The company was founded in 1938 and is headquartered in Mumbai, India.
How the price compares to earnings, assets and cash generation.
You are paying 31.2 years of current profit for each share. The earnings yield is 3.2%. The tracked Cement & Infra median is 36.3× (n=6), so this trades cheaper than its peers.
The market values the company at 4.6× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 1.01% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 20.5× against 31.2× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 1.7× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Not available.
Not available.
Keeps ₹10.6 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹37.4 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
A conservative balance sheet that can absorb a downturn without a crisis.
Not available.
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Against cash of ₹76614.65 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
EBITDA of ₹34754.51 Cr and operating cash flow of —.
P/E divided by expected growth. Only as reliable as that growth forecast, which is usually optimistic.
The figures quoted per share, and how much profit is handed back to owners.
₹118.56 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹794.47; price-to-book compares the market price with this.
Pays out 32% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹5,08,162 Cr.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
In the grey zone — some concern; the direction of travel matters more than the level here.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹2,84,225 Cr | ₹2,54,209 Cr | ₹2,19,116 Cr | ₹1,81,661 Cr |
| Cost of revenue | ₹1,93,049 Cr | ₹1,71,169 Cr | ₹1,46,212 Cr | ₹1,16,615 Cr |
| Gross profit | ₹91176.35 Cr | ₹83039.76 Cr | ₹72903.31 Cr | ₹65046.15 Cr |
| Operating expenses | ₹64105.78 Cr | ₹56561.81 Cr | ₹51172.23 Cr | ₹45544.67 Cr |
| Operating income | ₹27070.57 Cr | ₹26477.95 Cr | ₹21731.08 Cr | ₹19501.48 Cr |
| Interest expense | ₹2846.92 Cr | ₹3330.84 Cr | ₹3536.51 Cr | ₹3177.68 Cr |
| Pre-tax income | ₹25975.81 Cr | ₹23578.79 Cr | ₹20517.11 Cr | ₹17109.03 Cr |
| Tax | ₹6816.41 Cr | ₹5891.40 Cr | ₹4947.39 Cr | ₹4484.16 Cr |
| Net profit | ₹16083.99 Cr | ₹15037.11 Cr | ₹13059.11 Cr | ₹10470.72 Cr |