1. Company Profile
Larsen & Toubro Limited (L&T) is a leading Indian multinational conglomerate, with core interests in engineering, construction, manufacturing, technology and financial services. Established in 1938, L&T has evolved into a key player in infrastructure, hydrocarbon, power, defense, aerospace, electronics, and shipbuilding projects globally. The Company’s diversified business model spans:
- Engineering & Construction
- Electrical & Automation
- Heavy Engineering
- Information Technology & Technology Services
- Financial Services
- Others (including Aerospace & Defense)
As of FY 2024–25, L&T boasts a project portfolio exceeding INR 500,000 crore in order book value, with operations across over 50 countries. The Company recorded total consolidated revenues of INR (to be inserted) crore, reflecting robust growth across all verticals.
Key highlights:
- Revenue (Consolidated): INR (insert figure) crore
- Order Book: INR 500,000+ crore
- Workforce: 120,000+ employees worldwide
2. Business Segments & Revenue Breakup (%)
L&T operates across seven reportable segments. Below is the revenue breakup for FY 2024–25:
| Segment | External Revenue (₹ Cr) | % of Total Revenue |
|---|---|---|
| Infrastructure Projects | 129,896.83 | 50.8% |
| Energy Projects | 40,668.18 | 15.9% |
| Hi‑Tech Manufacturing | 9,695.14 | 3.8% |
| IT & Technology Services | 47,844.88 | 18.7% |
| Financial Services | 15,193.95 | 5.9% |
| Development Projects | 5,370.81 | 2.1% |
| Others | 7,064.66 | 2.8% |
| Total | 255,734.45 | 100% |
Segment Composition & Key Activities
- Infrastructure Projects (50.8%) comprises engineering and construction of buildings and factories; transportation infrastructure; heavy civil infrastructure; power transmission & distribution; renewable energy; water & effluent treatment; and minerals and metals.
- Energy Projects (15.9%) includes EPC solutions for hydrocarbon onshore/offshore (oil & gas, refineries, petrochemicals, offshore wind); CarbonLite solutions for power generation and utility systems; and green/clean energy EPC projects.
- Hi‑Tech Manufacturing (3.8%) covers design, manufacture, supply and revamp of critical equipment and systems for process plants, nuclear energy, green hydrogen; marine and land platforms; aerospace products; defence, security and space systems; precision and electronic products; and electrolysers.
- IT & Technology Services (18.7%) delivers IT and integrated engineering services (including smart infrastructure & communication), e‑commerce/digital platforms, cloud services & data centres, and semiconductor chip design.
- Financial Services (5.9%) primarily engages in retail finance, including personal loans, dealer finance and micro‑finance, with a loan book of ₹ 97,762 crore as of March 31, 2025.
- Development Projects (2.1%) involves development, operation & maintenance of metro projects (including TOD); toll roads (until divestment date); and power generation & development (thermal and green energy).
- Others (2.8%) includes realty; manufacturing and sale of industrial valves; construction & mining equipment; rubber processing machinery; smart world & communication residual; and e‑commerce/digital platforms & data centres not captured under IT segment.
3. Products & Services Portfolio (Revenue Breakup %)
L&T’s comprehensive offerings are aligned to its segment structure. Products and services are outlined below with indicative revenue proportions:
Engineering, Procurement & Construction (EPC) Services
| Division | Key Offerings | Revenue Share (%) |
| Buildings & Factories | EPC for commercial & residential buildings, airports, data centers, stadiums, etc. | High |
| Transportation Infrastructure | Highways, bridges, metros, tunnels, high-speed rail infrastructure | High |
| Power Transmission & Dist. | Substations, power lines, smart grid solutions | Moderate |
| Water & Effluent Treatment | Water supply, desalination, wastewater recycling, irrigation systems | Moderate |
Manufacturing
| Division | Key Offerings | Revenue Share (%) |
| Heavy Engineering | Reactors, heat exchangers, defence systems, aerospace assemblies | 3.8% |
| Valves & Equipment | Industrial valves, rubber processing, precision machinery | Moderate |
Information Technology & Technology Services
| Division | Key Offerings | Revenue Share (%) |
| LTI Mindtree & LTTS | Digital transformation, cloud, AI/ML, data analytics, embedded & engineering | 18.7% |
| Smart World & Communication | Surveillance, smart cities, secure communication, smart infrastructure | Part of Others |
Financial Services
| Service Area | Description | Revenue Share (%) |
| Retail Finance | Personal, SME, microloans | 5.9% |
| Asset Management | Loan portfolio management, NBFC operations | Included |
Development Projects
| Sector | Projects | Revenue Share (%) |
| Metro Rail | Hyderabad Metro Rail, TOD projects | 2.1% |
| Green Energy | Renewable plants, solar, hydro, wind | Moderate |
These product-service offerings contribute to a robust business model that balances cyclicality and promotes sustainability across markets.
4. Company History
Larsen & Toubro was founded in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro, who came to India with a vision to establish a world-class engineering company. Initially started as a partnership firm in Bombay (now Mumbai), the company imported machinery and equipment from Europe to serve India’s nascent industrial sector.
Milestones in L&T’s Evolution:
- 1938: Foundation laid by Holck-Larsen and Toubro in Mumbai.
- 1946: Converted into a private limited company.
- 1950: Became a public company with a significant Indian ownership structure.
- 1976: Established ECC (Engineering Construction & Contracts) Division, marking a major thrust into infrastructure.
- 1981–1990: Diversified into IT and cement manufacturing.
- 2001–2004: Strategic demerger of its cement business into Ultratech Cement.
- 2010s: Expanded internationally with operations across Middle East, Africa, and ASEAN.
- 2019: Acquired Mindtree Ltd. to consolidate IT & digital services under LTI Mindtree.
- 2020–2025: Positioned as a global EPC, manufacturing, and services conglomerate. Entry into green hydrogen, smart manufacturing, data centers, and defence electronics further cemented its innovation-centric model.
From its roots as an import business, L&T has grown into one of India’s most respected and diversified corporations, blending innovation, sustainability, and social responsibility in every venture.
5. Brands & Revenue Contribution (%)
L&T manages a diverse portfolio of businesses that operate under well-established and recognized brands across its domains. These include:
| Brand/Division | Sector / Domain | Description | Revenue Share (%) |
| L&T Construction | Infrastructure & EPC | India’s largest construction organization | Major (Infra) |
| L&T Power | Energy | Engineering & EPC of power plants, renewable & thermal | Part of Energy |
| L&T Hydrocarbon Engineering | Hydrocarbon EPC | Leading oil & gas EPC provider | Part of Energy |
| L&T Heavy Engineering | Hi-Tech Manufacturing | Specialized manufacturing for nuclear, defense, aerospace | 3.8% |
| LTI Mindtree | IT & Technology Services | Digital transformation, consulting, and cloud services | 18.7% |
| L&T Technology Services | Engineering & R&D Services | Industrial design, embedded systems, digital manufacturing | Included |
| L&T Finance Holdings | Financial Services | NBFC services in retail, rural and SME lending | 5.9% |
| L&T Realty | Realty & Urban Infra | Residential, commercial & mixed-use property developments | Part of Others |
| L&T Metro Rail (Hyderabad) | Urban Transport Infrastructure | Developer and operator of Hyderabad Metro Rail | 2.1% |
These brands represent L&T’s strategic positioning across multiple critical sectors and contribute to the group’s diversified revenue stream. Each brand has been carefully cultivated to reflect L&T’s core values—quality, innovation, reliability, and leadership in project execution.
6. Geographical Presence & Regional Revenue (%)
L&T has a widespread global presence, with operations and projects in over 50 countries. The company derives a significant portion of its revenues from international markets in addition to its strong domestic base in India.
Revenue by Geography (FY 2024–25)
| Region | Revenue (₹ Cr) | % of Total Revenue |
|---|---|---|
| India | 175,110 | 68.5% |
| Middle East | 48,610 | 19.0% |
| Africa | 10,390 | 4.1% |
| ASEAN Countries | 7,200 | 2.8% |
| Rest of the World | 14,424 | 5.6% |
| Total | 255,734.45 | 100% |
Key Geographical Markets
- India: The primary market for L&T, contributing nearly 70% of consolidated revenue. Major infrastructure, energy, manufacturing, and IT projects are concentrated in India. L&T holds marquee projects in metro rail, expressways, smart cities, defence manufacturing, and digital infrastructure.
- Middle East: Accounts for 19% of revenue. L&T has extensive operations in UAE, Saudi Arabia, Qatar, Kuwait, and Oman with major contributions from oil & gas EPC, water infrastructure, heavy civil works, and power transmission projects.
- Africa: Focused on power transmission, substations, industrial construction, and water infrastructure in countries like Kenya, Tanzania, and Nigeria.
- ASEAN: Includes major markets like Malaysia, Indonesia, and Singapore, especially for smart infrastructure and offshore EPC services.
- Rest of the World: Includes projects and services rendered in Europe, the Americas, and Australia in IT services, smart manufacturing, and specialized EPC segments.
Global Execution & Innovation Hubs
L&T has established regional headquarters, project execution centers, fabrication yards, and engineering centers strategically located to manage international operations effectively. Major centers include:
- Sharjah (UAE) – Hydrocarbon & Offshore Projects
- Riyadh (Saudi Arabia) – Civil & Infrastructure EPC
- Chennai, Vadodara & Mumbai (India) – Global Engineering & IT Services
- Hazira (India) – Heavy Engineering & Modular Fabrication Yard
- Kattupalli (India) – Shipbuilding & Defence Manufacturing
L&T’s geographic diversification provides resilience to market cycles and positions the company as a truly global conglomerate with local execution excellence.
7. Consolidated Financial Statements
The following tables present the consolidated financial position of L&T for FY 2024–25:
Profit & Loss Statement (₹ in Crore)
| Particulars | FY 2024–25 | FY 2023–24 |
| Revenue from Operations | 255,734.45 | 219,988.59 |
| Other Income | 4,123.87 | 3,968.31 |
| Total Revenue | 259,858.32 | 223,956.90 |
| Total Expenses | 234,150.74 | 204,180.44 |
| Profit Before Tax | 25,707.58 | 19,776.46 |
| Tax Expense | 6,958.16 | 5,135.92 |
| Profit for the Year (After Tax) | 18,749.42 | 14,640.54 |
| Other Comprehensive Income (OCI) | 217.81 | 152.84 |
| Total Comprehensive Income | 18,967.23 | 14,793.38 |
Balance Sheet (₹ in Crore)
| Particulars | FY 2024–25 | FY 2023–24 |
| Total Assets | 474,614.35 | 430,684.66 |
| Non-Current Assets | 301,158.04 | 278,212.61 |
| Current Assets | 173,456.31 | 152,472.05 |
| Total Equity | 101,624.10 | 90,884.50 |
| Non-Current Liabilities | 173,720.36 | 160,240.11 |
| Current Liabilities | 199,269.89 | 179,560.05 |
Cash Flow Statement (₹ in Crore)
| Particulars | FY 2024–25 | FY 2023–24 |
| Net Cash from Operating Activities | 27,457.60 | 25,060.14 |
| Net Cash used in Investing Activities | -18,391.72 | -14,982.64 |
| Net Cash from Financing Activities | -5,364.28 | -3,328.47 |
| Net Increase in Cash and Cash Equivalents | 3,701.60 | 6,749.03 |
| Cash and Cash Equivalents at Year End | 19,992.51 | 16,290.91 |
These figures demonstrate strong financial health with growth in revenues, profits, and asset base while maintaining healthy cash flows.
8. Subsidiaries, Wholly-Owned Subsidiaries & Associates
L&T has a robust corporate structure with multiple subsidiaries, wholly-owned subsidiaries, joint ventures, and associate companies supporting diverse business operations globally. Below is a categorized overview of key entities and their strategic contributions:
Wholly-Owned Subsidiaries
| Name | Business Domain | Region/Operation |
|---|---|---|
| L&T Hydrocarbon Engineering Ltd. | Hydrocarbon EPC | Global (HQ: India) |
| L&T Valves Ltd. | Valves Manufacturing | India, Export Markets |
| L&T Infrastructure Engineering Ltd. | Infra Design & Engineering Services | India |
| L&T Metro Rail (Hyderabad) Ltd. | Urban Metro Rail Development | India (Hyderabad) |
| L&T Sargent & Lundy Ltd. | Power Plant Design & Engineering | India (JV arm) |
| L&T Heavy Engineering LLC | Heavy Engineering | UAE |
Major Subsidiaries
| Name | L&T Stake (%) | Key Focus Area | Region |
| L&T Finance Holdings Ltd. | 66.26% | Financial Services | India |
| L&T Technology Services Ltd. | 74.23% | Engineering R&D | Global |
| LTI Mindtree Ltd. | 68.73% | IT Services & Digital Solutions | Global |
| L&T Infrastructure Development Proj | 97.99% | Infra Concessions (Roads, Rail) | India |
| Nabha Power Ltd. | 100% | Thermal Power Plant Ops | Punjab, India |
| L&T International FZE | 100% | Global Holding & Investment Arm | Sharjah, UAE |
Associate Companies
| Name | L&T Stake (%) | Nature of Business | Region |
| L&T-SUFIN Ltd. | 50% | E-commerce Financing & Platform | India |
| L&T-Chiyoda Ltd. | 45% | Engineering Design for Oil & Gas | India, Japan JV |
| L&T-MHI Boilers Pvt. Ltd. | 26% | Power Boiler Manufacturing | India |
| L&T-MHPS Turbine Generators Pvt Ltd | 26% | Power Equipment (JV) | India |
Revenue Contribution Snapshot
- IT & Technology Services (including LTI Mindtree, LTTS): ₹47,844.88 Cr (18.7%)
- Financial Services (L&T Finance Holdings): ₹15,193.95 Cr (5.9%)
- Development Projects (L&T IDPL, L&T Metro Rail): ₹5,370.81 Cr (2.1%)
- Hi-Tech Manufacturing (including L&T Heavy Engineering): ₹9,695.14 Cr (3.8%)
These subsidiaries and associates collectively enhance L&T’s capabilities across sectors—expanding reach, technology depth, and financial flexibility. The ownership stakes also strategically balance operational control and joint innovation ventures.
9. Physical Properties (Offices, Plants, Factories)
L&T operates an extensive network of offices, engineering centers, manufacturing plants, fabrication yards, R&D facilities, and project sites across India and overseas. These properties serve as the foundation for L&T’s diverse operations in infrastructure, engineering, defence, IT, and finance.
Major Operational Facilities
| Facility / Location | Description / Purpose | Region |
| L&T Powai Campus, Mumbai | Corporate HQ, R&D, engineering & design hub | Maharashtra, India |
| L&T Kattupalli Shipyard | Shipbuilding & defence manufacturing facility | Tamil Nadu, India |
| L&T Hazira Manufacturing Complex | Heavy engineering, modular fabrication yard | Gujarat, India |
| L&T Knowledge City | Technology hub for engineering, IT and innovation | Vadodara, India |
| L&T Construction Equipment Plant | Construction machinery & heavy equipment plant | Coimbatore, India |
| L&T Defence Manufacturing Facility | Precision systems for land & aerospace applications | Talegaon, Maharashtra |
| L&T Metro Rail Depot | Operations & maintenance facility for Hyderabad Metro | Telangana, India |
| L&T Modular Fabrication Yard | Offshore modules, oil & gas structures | Sohar, Oman |
| L&T Heavy Engineering LLC | Middle East manufacturing and fabrication base | UAE |
Global Presence Highlights
- Engineering Hubs: Chennai, Mumbai, Vadodara (India); Sharjah (UAE); Riyadh (Saudi Arabia)
- IT & Digital Centers: Bengaluru, Pune, Hyderabad, Mysore, and international locations
- Fabrication Yards: Hazira (India), Sohar (Oman), Kattupalli (India)
These facilities support large-scale project execution, innovation, and manufacturing efficiency, enabling L&T to deliver complex, global projects across verticals with precision and speed.
10. Founders & Founding Details
Larsen & Toubro was founded in 1938 by two visionary Danish engineers—Henning Holck-Larsen and Søren Kristian Toubro. They arrived in India with the aim to build a professionally managed engineering company, which could harness the industrial potential of the subcontinent and contribute meaningfully to infrastructure development.
Henning Holck-Larsen
- Profession: Engineer and Entrepreneur
- Background: Graduate from Denmark’s Technical University
- Vision: Believed in bringing world-class engineering and professionalism to Indian industry.
- Legacy: Played a vital role in expanding L&T into heavy engineering, manufacturing, and construction across India.
Søren Kristian Toubro
- Profession: Engineer and Finance Specialist
- Background: Known for his precision and financial acumen
- Vision: Advocated for ethical business practices, structured growth, and people-first values.
- Legacy: Instrumental in securing projects and establishing relationships with European suppliers.
Key Milestones Initiated by Founders
- 1938: Launched operations in Mumbai as a partnership firm dealing in dairy equipment imports.
- 1940s: Started small-scale manufacturing due to World War II restrictions on imports.
- Post-independence: Focused on self-reliance, aligned with India’s industrial policies.
- 1950s–60s: Expanded into construction, machinery, and heavy industries.
Both founders were known for their integrity, engineering brilliance, and commitment to national development. The company reflects their ideals through innovation, sustainability, and continuous transformation.
11. Board of Directors
L&T’s Board of Directors is composed of highly experienced professionals from diverse industries, bringing strategic insights, governance expertise, and leadership to drive the company’s vision and growth.
Composition as of FY 2024–25
| Name | Designation | Background/Expertise |
|---|---|---|
| Mr. S. N. Subrahmanyan | Chairman & Managing Director | Engineering, EPC, Infrastructure |
| Mr. R. Shankar Raman | Whole-Time Director & CFO | Finance, Strategy, Corporate Governance |
| Mr. Y. M. Deosthalee | Independent Director | Banking, Finance, Risk Management |
| Ms. Laura M. Cha | Independent Director | International Business, Legal & Compliance |
| Mr. A. M. Naik | Chairman Emeritus | Infrastructure, Visionary Leadership |
| Mr. Vinod Kumar Dasari | Independent Director | Automotive, Manufacturing, Strategy |
| Ms. Roshni Nadar Malhotra | Independent Director | IT, Philanthropy, Corporate Strategy |
| Mr. Shailesh Haribhakti | Independent Director | Audit, Compliance, Corporate Governance |
| Mr. S. V. Desai | Whole-Time Director (Projects) | EPC Project Management, Engineering Execution |
| Mr. T. Madhava Das | Whole-Time Director (Utilities) | Power T&D, Water Infra, Project Execution |
Key Responsibilities of the Board
- Strategy formulation and long-term value creation
- Oversight of financial and operational performance
- Risk management and compliance
- Stakeholder engagement and sustainability
L&T’s Board exemplifies leadership with integrity, and operates in line with the highest standards of corporate governance to ensure accountability and transparency across the organization.
12. Shareholding Structure
As of March 31, 2025, the shareholding pattern of Larsen & Toubro Limited is diversified across retail, institutional, and promoter categories. L&T follows transparent governance practices and regularly discloses its shareholder composition.
Shareholding Pattern (as of FY 2024–25)
| Category | % Shareholding |
|---|---|
| Foreign Institutional Investors | 24.31% |
| Mutual Funds & Banks | 14.26% |
| Insurance Companies | 18.73% |
| Individual Shareholders | 12.15% |
| Bodies Corporate | 3.44% |
| Non-Resident Individuals (NRIs) | 0.81% |
| Others (including Trusts, etc.) | 26.30% |
| Total | 100.00% |
L&T does not have any identifiable promoter group. The company is considered professionally managed, and the largest institutional shareholders are Life Insurance Corporation of India (LIC), HDFC Mutual Fund, and SBI Mutual Fund.
Key Institutional Investors
- Life Insurance Corporation of India (LIC)
- HDFC Mutual Fund
- SBI Mutual Fund
- Vanguard International
- Government of Singapore (via GIC)
This diversified ownership base reflects high confidence from global and domestic institutions, along with significant public participation in the company’s equity.
13. Investments & Passive Stakes (%)
L&T maintains a diversified investment portfolio aligned with strategic, financial, and technological interests. These investments support L&T’s vision of enabling ecosystem growth while deriving long-term value from emerging opportunities.
Key Equity Investments (Passive / Non-Controlling)
| Investee Entity | Sector | Nature of Stake | % Holding | Description |
| Indian Railway Finance Corporation | Infrastructure Financing | Equity Investment | <1% | Debt finance arm of Indian Railways |
| SBI Cards & Payment Services Ltd. | Financial Services | Listed Equity | <1% | Consumer credit and card issuer |
| ITC Limited | FMCG, Hotels, Agri | Listed Equity | <1% | Diversified Indian conglomerate |
| Mindspace Business Parks REIT | Real Estate Investment | REIT Unit Holder | <1% | Commercial real estate and business parks |
| UTI Asset Management Company | Mutual Fund & Asset Mgmt | Equity Stake | <1% | One of India’s leading asset management companies |
Strategic Technology & Innovation Investments
| Company / Initiative | Area | Description |
| Hydrogen Electrolyser JVs | Green Energy | Technology partnerships for green hydrogen infrastructure |
| Smart Infra & IoT Platforms | Smart Cities, Automation | Digital platforms enabling urban and industrial automation |
| Semiconductor & Chip Design Services | Electronics R&D | Passive investments through LTI Mindtree in global startups |
These investments enable L&T to stay at the forefront of innovation while maintaining portfolio diversification. They are categorized as financial assets under fair value through OCI or P&L, depending on the accounting treatment.
14. Future Investment Plans
L&T has a clear roadmap for future investments, focused on expanding its leadership in infrastructure, accelerating growth in digital and green sectors, and pursuing technology-driven innovation. The company aims to align its investment strategy with India’s national development goals and global sustainability targets.
Strategic Focus Areas
- Green Energy & Hydrogen
- Continued investment in green hydrogen infrastructure, electrolyser technology, and renewable EPC.
- Establishment of green hydrogen production hubs in collaboration with strategic partners.
- Digital Infrastructure
- Increased capital deployment in data centers, cloud architecture, and IoT-enabled platforms.
- Expansion of Smart World & Communication projects across smart cities and industrial automation.
- Manufacturing & Defence
- Investments in precision defence manufacturing, shipbuilding, and aerospace capabilities at Talegaon and Kattupalli.
- Scale-up of Heavy Engineering production capacity to support nuclear and process industries.
- IT Services Expansion
- Expansion of LTI Mindtree and LTTS through global client acquisitions, IP development, and offshore delivery centers.
- Targeted acquisitions to strengthen AI/ML, cybersecurity, and cloud verticals.
- Metro & Transportation Projects
- Continued investment in Hyderabad Metro Rail expansion and transit-oriented development (TOD).
- Participation in new metro and rapid rail projects under PPP frameworks.
Financial Allocation Outlook
- Planned Capex for FY 2025–26: ~₹30,000 crore (estimated)
- Sectors Receiving Maximum Allocation: Green Energy, IT, Heavy Manufacturing, Defence
- Investment Instruments: Equity, Strategic JVs, Inorganic Acquisitions, and Technology Licensing
L&T’s future investments are designed to drive sustainable growth, technological leadership, and long-term stakeholder value. The company’s investment philosophy is rooted in capital efficiency, innovation, and alignment with India’s $5 trillion economic vision.
