L&T: Robust Q2, yet risks loom

Shares of Larsen & Toubro Ltd hit a record ₹4062.60 on Thursday following a strong show in the September quarter (Q2FY26).

- Ananya Roy

The first half is a seasonally weak period for India’s engineering, procurement and construction (EPC) major. But it managed to buck the trend, thanks to international energy and domestic defence projects.

Consolidated revenue rose 10% year-on-year in Q2 to ₹67,984 crore, a tad below expectations, thanks to a 1% drop in its mainstay infrastructure segment. Extended monsoons, slow execution in water projects due to payment delays, and a general stage-of-execution driven slowdown weighed on the segment that accounted for almost half of the quarter’s revenue. But with 46% of the new order inflows going into infrastructure, growth is likely to pick up.